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3 reasons why Bitcoin price has not been able to rally back above $40K

Published 07/24/2021, 09:30 PM
Updated 07/24/2021, 11:00 PM
3 reasons why Bitcoin price has not been able to rally back above $40K
BTC/USD
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The ongoing story for the past couple of months in the cryptocurrency market has been confusion on whether Bitcoin (BTC) is destined for another leg down or is finally ready to break out toward new highs.

Bitcoin's price history and data from previous corrections suggest that the current struggles for the top cryptocurrency could persist for a little bit longer due to the strengthening dollar, the possibility of decreasing economic stimulus and a slew of technical factors connected to Bitcoin's price action.

DXY 1-day chart. Source: TradingView
Bearish crossover of the 50 day and 200-day MA. Source: Delphi Digital
Bitcoin price testing the12-month moving average. Source: Delphi Digital

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