BTC surges past $39k towards the $40k mark

26 Jul 2021

The Bitcoin price is close to $40,000 on Monday as the week gets off to a bullish start for the world’s largest cryptocurrency.

Bitcoin soared over 10% in just a few hours on Monday, with prices edging up from around $35,000 to just under the $40,000 mark, Cointelegraph reports.

In contrast, BTC moved up from $30,000 to $34,000 over the past five days. At the time of writing, the Bitcoin price is $37,987.

“I think we saw an accumulation period around 29-30K, indicating bullishness and a potential move towards $40K for Bitcoin,” according to Vijay Ayyar, head of business development at cryptocurrency exchange Luno.

Over the last 24 hours, Bitcoin has registered the most gains among the top 30 cryptocurrencies by market cap, with a gain of close to 13%, according to CoinMarketCap data.

Monday’s rally has led to several technical indicators reverting back to bullish signs, and according to popular crypto analyst, Lark Davis, Bitcoin’s price is once again trending above its 50-day moving average.

In addition, a recovery in Bitcoin fundamentals is still in play this week.

The hash rate is again nearing 100 exahashes per second (EH/s), a positive indication which has been complemented by rising decentralisation of overall hash rate.

Over the last week, gains have been rapid with the hash rate remaining near local lows of 83 exahashes per second. Ahead of the price drawdown in May, the hash rate hit 168 EH/s.

Moreover, Bitcoin’s rally boosted other cryptocurrencies, with Ether up 5.9% over $2,299.55, CNBC reports. The crypto market as a whole added more than $114 billion in value in 24 hours, says CoinMarketCap data.