What to Expect from BTC? A Sustained Close of Key Hurdle Either $39,500 OR $38,250 Will Decide Future Path; Aug 03, 2021

Bitcoin weakens on Tuesday and slips below $38,000 mark. Inverted Hammer pattern has been observed on a Daily Chart which confirms bearish trend reversal In short period.

Top 5 Headlines on Digital Currency:

  • Bank of America has outlined some benefits to be had from adopting bitcoin as legal tender in El Salvador. The opportunities include low-cost remittances, financial digitization, more choices, and greater investments from foreign companies – Investing.
  • Marathon Digital Holdings confirmed an agreement to buy 30,000 Bitcoin miners, at a total cost of almost $121 million, from Chinese manufacturer Bitmain – Investing.
  • High-net-worth Wells Fargo clients can now get Bitcoin & crypto exposure, a company spokesperson informed Business Insider, making Wells Fargo the latest in a long line of traditionally conservative financial institutions to venture into Bitcoin – Investing.
  • Saudi Aramco was rumored to be participating in Bitcoin mining activities but the company has come out publicly to refuse such claims while maintaining its interest in blockchain – focused businesses – Investing.
  • Enterprise technology provider NCR (NYSE:NCR) Corporation has announced an agreement to buy LibertyX, the company that launched one of the first retail Bitcoin ATMs – Investing.

Technical View:

  • The bitcoin slips below $38,000 mark and depreciates gradually.
  • The pair made intraday high at $39,792 and low at $37,966 mark.
  • Today a day chart is up but H1 chart with triple EMA confirms bearish trend in short run.
  • A sustained close above $39,500 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $38,250 will check further supports.
$38,250 $40,100
$37,840 $40,596
$37,620 $40,799
$37,400 $40,996
$37,080 $41,230

Take a look and do trade wisely!
Good Luck

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