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Bitcoin rally puts $40,000 in view as Amazon steps up crypto push


26 Jul 2021

#Bitcoin

The price of Bitcoin was approaching $40,000 early on Monday morning after a weekend rally saw the world’s largest cryptocurrency jump around 20%.

Amazon (NASDAQ:AMZN) to accept crypto payments?

One of the catalysts for the move higher appears to be stemming from a job advertisement placed by internet giant Amazon for a Digital Currency and Blockchain Product Lead. The advert says Amazon is looking for an “experienced product leader to develop Amazon’s digital currency and blockchain strategy and product roadmap”.

The advert caused great excitement in the industry on hopes that Amazon might soon begin accepting cryptocurrencies, including Bitcoin, as payment on its e-commerce site.

London-based newspaper City AM appeared to confirm the news on Monday morning. According to an "insider", this is not a first step into setting up cryptocurrency payments at “some point in the future” but is a “full-on, well-discussed, integral part of the future mechanism of how Amazon will work”.

“The entire project is ready to roll,” the "insider" told City AM.

And it is not just Bitcoin that Amazon is reportedly looking to accept as payment. The source said that Ethereum, Cardano and Bitcoin Cash will be next, before the bring “about eight of the most popular cryptocurrencies online”.

Technical Picture

On a technical basis, Bitcoin has broken back above the 21DMA (around $33,000) and the 50DMA (around $34,350). The next key level of resistance is the psychological $40,000 level before the 100DMA which comes in around $40,800. Above that, the 200DMA could also act as resistance at around $44,700. The technical chart pattern has led some analysts to call for further gains, with $50,000 potentially coming back into focus.

“Bitcoin has broken out of its three-month descending triangle at $34,300 and suggests we could have another $17,000 of gains, taking us to $51,000, or thereabouts,” said OANDA Senior Market Analyst Jeffrey Halley.

However, Halley does pinpoint the aforementioned 100 and 200DMAs as levels to get through first before a big push higher. At 08:55BST Bitcoin was trading around $38,225, up 13.0% in the last 24 hours. Other major cryptocurrencies were also trading higher. Ethereum was up by around 8% at around $2,330, Cardano was up 11% at around $1.35 and Dogecoin was up 13% at $0.22.


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 61.2% 78 $22 729.54 -4.30% -0.91% $438 166 694 164 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 62.4% 80 $1 560.97 -4.92% -4.16% $191 022 338 021 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 91.2% 1 $1.000083 0% -0.01% $67 781 650 084 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 68.8% 59 $305.42 -3.96% -0.18% $48 226 570 306 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 94% 1 $0.999972 0% -0.01% $42 707 214 114 USDC 7 days price change
6 XRP (XRP) XRP XRP predictions 66.8% 65 $0.392690 -4.91% -7.98% $19 950 057 993 XRP 7 days price change
7 Binance USD (BUSD) BUSD Binance USD predictions 91.6% 1 $0.999844 -0.04% -0.03% $15 729 733 089 BUSD 7 days price change
8 Cardano (ADA) ADA Cardano predictions 67.6% 70 $0.370821 -6.20% -1.49% $12 828 075 578 ADA 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 67.6% 61 $0.086818 -3.52% -1.88% $11 518 194 850 DOGE 7 days price change
10 Lido stETH (STETH) STETH Lido stETH predictions 91.6% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
11 Polygon (MATIC) MATIC Polygon predictions 65.2% 71 $1.074457 -8.22% 7.81% $9 384 646 732 MATIC 7 days price change
12 Solana (SOL) SOL Solana predictions 59.6% 91 $23.73 -9.58% -2.65% $8 821 093 670 SOL 7 days price change
13 Polkadot (DOT) DOT Polkadot predictions 64.8% 78 $6.17 -6.72% -7.56% $7 107 936 803 DOT 7 days price change
14 Litecoin (LTC) LTC Litecoin predictions 71.2% 54 $90.43 -5.91% 0.15% $6 526 737 028 LTC 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 68% 69 $0.062057 -2.67% -0.98% $6 309 701 687 WTRX 7 days price change

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