- A daily close above $40,000 could see Bitcoin nurture a key uptrend to $50,000.
- PayPal to debut a crypto exchange platform in the UK as the market turns green.
- Bitcoin must target a break above the 100 SMA in the short term to validate the impending upswing.
Bitcoin price has remained pivotal at $40,000 for nearly two days. Earlier this week, the flagship cryptocurrency made haste above $40,000, barely a week after exploring lows under $30,000. However, the gains triggered by rumors that Amazon was going to accept Bitcoin and other cryptocurrency payments by the end of the year faded as soon as the retail giant denied any such plans.
The bellwether cryptocurrency corrected to $36,000 before gaining ground again above $40,000. Meanwhile, BTC is trading around $40,000, and the general outlook of the market is quite bullish. A daily above $40,000 could see Bitcoin gradually ascend to $44,000 and later toward $50,000.
PayPal To Expand Crypto Trading Services In The UK
Global payments service provider PayPal is set to launch trading services in the United Kingdom as soon as next month as part of its expansion plans. During the firm’s second-quarter earnings call held on Wednesday, crypto trading was reported to have been remarkable. PayPal CEO Dan Schulman announced the UK would be the next location to expanding its services in the crypto space:
“Yeah, well, we continue to be really pleased with the momentum we’re seeing on crypto. […] We’re going to launch, hopefully, maybe even next month in the UK, open up trading there.”
Bitcoin Price Flashes Buy Signals
The Moving Average Convergence Divergence (MACD) indicator suggests bulls still have the upper hand, despite that stalling slightly above $40,000. Realized that the MACD has just crossed above the mean line and the divergence between the moving averages affirms the bullish narrative.
BTC/USD daily chart
However, there is the need to proceed with caution and wait for a confirmed break, significantly above the 100-day SMA. Another daily close below $40,000 may trigger sell orders as Bitcoin explores levels toward the 50 SMA at $35,000.
Bitcoin Intraday Levels
Spot rate: $40,000
Trend: Bullish
Volatility: Low
Support: $36,000 and the 50 SMA
Resistance: The 100 SMA and $44,000
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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