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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bulls Back In Control? Why Bitcoin Miners Could Be The Key To Break $40,000

Reynaldo Marquez
Reynaldo Marquez
1 year ago
2 mins read
Bitcoin BTC BTCUSD

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Bitcoin trades at the high of its current range after a short squeeze pushed it beyond all resistance levels. The first cryptocurrency by market cap records a 13% profit on the daily and a 21.1% profit on the weekly chart and trades at $38,622.

BTC BTCUSD
BTC approaches $40,000 on the daily chart. Source: BTCUSD Tradingview

The move to the upside came as a surprise for most of the traders as Bitcoin’s price on Binance Futures even managed to break above $48,000 for a brief moment. Funding rates across exchange platforms were negative and have since turned positive as traders seem to expect further upside.

Bitcoin BTC BTCUSD
Source: Ben Lilly via Twitter

QCP Capital claims that the general sentiment in the market has flipped “decisively bullish into the weekend”. When BTC’s price approached the $35,000 and $36,000, bears displayed weakness and were unable to support a compelling pullback.

The main catalyzer for this short squeeze came from Amazon and their alleged plan to integrate Bitcoin and other cryptocurrencies into their platform. QCP Capital said:

In spite of the sharp move higher, the market does not feel particularly stressed. Vols have rallied only modestly and only in the very short dates. Furthermore, risk reversals remain skewed to the downside even as we close in on the 40k pivot level in BTCUSD.

Bitcoin BTC BTCUSD
Source: QCP Capital

Thus, the firm believes the move to its current high is a bounce-back into a “neutral state” after an extended period of selling pressure. $40,000 is currently a major resistance zone, Bitcoin has been rejected around this area every time it has tried to reclaim more upside.

Amazon could continue to play a big role, QCP Capital said, if they confirm the rumors on their Bitcoin and blockchain program, the first cryptocurrency could finally muster the strength to flipped $40,000 into support and make a move towards $50,000.

Bitcoin BTC BTCUSD
Source: QCP Capital

Bitcoin Miners Stop Selling, BTC’s Price Benefits

A separate report made by research firm ByteTree found that Bitcoin miners have started to re-accumulate BTC. This sector was heavily hit by China’s crackdown on their operations and was forced to migrate.

Thus, many resorted to selling BTC to cover the cost of relocation. As seen below, the miners’ BTC inventory decrease at the end of June and mid-July affecting the price of Bitcoin.

Bitcoin BTC BTCUSD
Source: ByTree

The trends seem to be reverting, as BTC’s price moves higher. The research firm said:

Technically, the Bitcoin blockchain is healthy, but miner’s inventory has been on an upward trend over the past month. (…) historically inventories tend to consolidate or rise during weak or bear markets.

Despite the bullish news and sentiment, Bitcoin must break away from its current range, the top sits at around $41,000. The price direction is yet unclear but could continue to move higher if the bulls have enough conviction. Fundamentals seem to be on their side, as analyst William Clemente said.

Illiquid Supply RSI has flashed the first buy signal since November of last year. Supply squeeze is just getting started.

This looks at the broader trend change in accumulation behavior by running a 365-day stoch RSI over the 30-day net change of illiquid supply. pic.twitter.com/HRzT1szoen

— Will (@WClementeIII) July 26, 2021

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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