Bitcoin concluded its longest rally in 8 years after consecutively rising from July 21 to July 30. It almost reached $42,500 on August 1 before falling to the current value of $39,731 (Mon, 2 Aug 04:45 UTC).
Bitcoin reached a record high value of $65,000 in April. However, due to the latest crackdown in China and a string of regulations on cryptocurrencies across the world, Bitcoin’s price tumbled down and even reached its lowest at below $30,000.
As prices started falling, individual investors rushed to sell and large investors were hesitant to buy Bitcoins. The price since the fall had been fluctuating between $30,000-$40,000 and rose steadily after falling below $30,000 and showed an increase of 18% since July 21st. It surpassed $40,000 on July 30 for the first time since the crash.
According to the digital asset firm Eqonex, the Bitcoin price resistance line is expected to remain $40,000 until it exceeds $42,000.
However, other analysts including the cryptocurrency exchange Coinbase believe that the worst of the market is over and the bulls might reign over time.