On July 26, Bitcoin price rose above $40,600 (Bitstamp), but by the morning of July 27 it had corrected to $36,380. The reversal came amid Amazon denying reports of cryptocurrency payments support.
As of writing, the digital gold was trading around $37,000. Over the past 24 hours the asset fell 3.9%, according to CoinGecko.
According to Bybt, futures positions worth $562.48 million were liquidated in the last 24 hours.
Earlier, City A.M., citing an insider, reported plans for Amazon to add support for payments in Bitcoin by the end of 2021. Later, Bloomberg reporter Caroline Hyde wrote that the company denied this information.
A representative of the tech giant, in a comment to Reuters confirmed Amazon’s interest in the crypto industry, but said there were no concrete plans in this direction.
“We remain focused on exploring what this could look like for customers making purchases on Amazon,” said the agency’s source.
Even during the rise toward $40,000, analyst Michaël van de Poppe cautioned the community against overly optimistic sentiment. In his view, in the coming weeks the price would gravitate toward a rising local minimum around $34,500–$36,000, “unless it breaks above $41,000”.
#Bitcoin still showing strength, although sentiment is getting euphoric again while approaching the range resistance.
The trend has shifted, as the market has created a higher high.
I think we’re still looking at an HL at $34.5-36K in the coming weeks unless breaking $41K. pic.twitter.com/x1cDJDtSEH
— Michaël van de Poppe (@CryptoMichNL) July 26, 2021
As of July 25, Bloomberg Intelligence strategist Mike McGlone suggested that Bitcoin was more likely to reach $60,000 than to fall to $20,000.
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