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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 90.4% 2 $26 918.25 -0.14% 1.23% $524 890 483 866 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 91.2% 3 $1 666.38 0.93% 4.52% $200 359 438 928 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 92.4% 1 $1.000008 -0.01% 0% $83 277 212 554 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 90.4% 2 $215.61 0.44% 2.23% $33 170 344 252 BNB 7 days price change
5 XRP (XRP) XRP XRP predictions 87.6% 9 $0.533831 5.55% 3.71% $28 459 775 133 XRP 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 96% 1 $1.000138 -0.02% 0.01% $25 226 935 074 USDC 7 days price change
7 Lido stETH (STETH) STETH Lido stETH predictions 95.2% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
8 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 84.8% 26 $0.089024 4.13% 6.05% $9 051 627 956 WTRX 7 days price change
9 Cardano (ADA) ADA Cardano predictions 88.8% 7 $0.250162 0.96% 2.49% $8 787 808 567 ADA 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 89.6% 4 $0.061916 1.15% 0.66% $8 743 107 432 DOGE 7 days price change
11 Solana (SOL) SOL Solana predictions 87.2% 18 $20.23 3.66% 4.57% $8 351 111 999 SOL 7 days price change
12 TRON (TRX) TRX TRON predictions 83.6% 22 $0.089647 4.02% 7.25% $7 985 329 361 TRX 7 days price change
13 Toncoin (TON) TON Toncoin predictions 62.8% 84 $2.21 -1.25% -4.04% $7 589 859 927 TON 7 days price change
14 Dai (DAI) DAI Dai predictions 93.2% 1 $1.000352 0.03% 0.05% $5 349 770 840 DAI 7 days price change
15 Polkadot (DOT) DOT Polkadot predictions 90.8% 7 $4.08 0.34% 1.57% $5 011 854 851 DOT 7 days price change

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