For the first time since August 2, the largest cryptocurrency by market capitalization returned to the $ 40,000 level on the Coinbase exchange. Bitcoin has rallied amazingly from its intra-day low of $ 37,300, regaining 8.40 percent.
During the recent rebound, the crypto king’s market dominance rose more than 2%. Meanwhile, after a period of extreme volatility following the announcement of the highly anticipated “London“Hard fork.
According to data from on-chain analysis company CryptoQuant, investors are buying as much Bitcoin as possible on the Coinbase exchange. However, according to CoinMarketCap data, Bitcoin retook the $ 40,000 mark on Thursday and is currently trading at around $ 40,800.
The live price of BTC is $ 40,914.72 with a change of 6.88%. The trading volume of Coin in the last 24 hours is $ 37,359,833,900 along with a market capitalization of $ 762,278,248,052.
According to a CryptoQuant analyst, the Coinbase premium for Bitcoin has been “huge” for several hours. They claimed that this situation was clearly positive on the 1-minute chart in the short term.
He said the Coinbase premium has increased since the EIP-1559 update (aka “London”) went live on Thursday August 5th and the price of Ethereum and other major altcoins such as XRP, ADA , BNB and DOT. has increased high.
Strong buy on Coinbase
Read more in Quicktake👉https: //t.co/vxozCfZHbw pic.twitter.com/9e7dZ7DcaK
– CryptoQuant.com (@cryptoquant_com) August 6, 2021
As a result of this momentum, Bitcoin has recaptured the $ 40,000 milestone and is currently trading at $ 40,594. Despite Bitcoin’s rebound to higher levels and approaching the $ 41,000 milestone, prominent Amsterdam analyst Michael van der Poppe is in no rush to be optimistic.
In his opinion, to be optimistic at the moment, the main cryptocurrency has to break through. “some great levels. “Bitcoin is still suffering from resistance, he tweeted.
For me, #Bitcoin still needs to break some serious levels above us to be bullish for now.
It’s still about internal resistance.
– Michaël van de Poppe (@CryptoMichNL) August 6, 2021
On Thursday, as Bitcoin was nearing the $ 40,000 mark, crypto-tracking firm Whale Alert noticed three large BTC transfers between anonymous wallets. Anonymous whales moved each of the Bitcoin hiding spots totaling over 11,000 BTC (about $ 428 million).