— Bitcoin (@Bitcoin) July 31, 2021
The temporary bear market experienced since May may be over as the price of Bitcoin reached $42,000. There are indications that the resistance posed to the bulls may have given way with the recent upsurge in the value of the digital currency. This followed days of upward push that is unprecedented in the coin market.
July 31 saw the price of BTC soar up to $42,400 before retracting below the $42,000 mark, showing that the critical resistance has been weakened. Analysts believe that the price of the coin will likely rise up to $47,000 in the coming weeks.
Data available from Bitstamp shows that the present rise in the value of the coin is the consequence of 10 consecutive days of gains. This is a rarity according to historical records that show that the last time the coin has closed consecutively in the green was in 2012. Even though these records are not uniform, what is clear is that the sellers have not been able to weaken the demand for the digital asset,
The absence of bearish pressure can be seen in several exchanges such as Coinbase, Bitstamp and Bitfinex underscoring the fact that the resistance has weakened. PlanB, the creator of stock-to-flow, stated that the current market sentiment would lead to the coin ending the month of August around $47,000.