The price of Bitcoin has rebounded strongly since Sunday. The leading cryptocurrency has gained nearly 20% since Sunday and about 35% over a week.
The Tesla CEO not only announced that Bitcoin was likely to be accepted again by his car company, but that Bitcoin, Ether, and Dogecoin were still among his personal investments.
Some observers also believe that Beijing's regulatory moves this weekend toward the technology, education, and real estate sectors have pushed some investors toward the decentralized currency.
Indeed, Bitcoin has returned to test major resistance at $40k. Bitcoin will have to break through this resistance, as well as its former January resistance at $42k, to have a return-to-risk ratio that is again attractive for buying. Below resistance at $40-42k, the risk/reward ratio favors sellers.
(Chart Source: Tradingview 29.07.2021)
Disclaimer: This material has been created for information purposes only. All views expressed in this document are my own and do not necessarily represent the opinions of any entity.