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Bitcoin Price (BTC) in July 2021 and weekly close cancels downtrend

According to cryptocurrency analyst PlanB, Bitcoin pricing is in line with the S2F model and is headed for a new ATH in the near future.

Bitcoin price has dropped approximately 4.4% in the last 24 hours to trade just below $40,000 at the time of the report. According to market analysis provided by CoinGecko, Bitcoin was trading around US$39,978.21, 5.2% down in the last 24 hours.

However, by zooming out of the USD/BTC derivatives chart on the upper time frame, the bulls are in control. Notably, after experiencing a three-month continuous decline, the price of Bitcoin closed July higher, just above $41,500.

In addition, the main digital asset by market cap closed the week above a critical resistance level of $39k. Previously, the asset has tried to exit this level twice without success. A close above validates an uptrend should the rally continue in the coming weeks.

More money has entered the crypto market in recent months. As a result, Bitcoin’s market capitalization increased to $746,681,974,676. To put the numbers in better perspective, payments giant Visa Inc (NYSE: V) has a market cap of $523.64 at the time of the report, according to MarketWatch.

By contrast, MasterCard Inc (NYSE: MA) and Tesla Inc (NASDAQ: TSLA) have a market capitalization of about $380.86 billion and $680.34 billion, respectively. With more money expected to flow in the second half of the year, Bitcoin’s market capitalization is estimated to surpass that of Apple Inc (NASDAQ: AAPL) and Microsoft Corp (NASDAQ: MSFT).

In addition, one of the main European economies, Germany, implemented as of today a law that allows institutional investors to place up to 20% of their funds in crypto assets.

Technical and fundamental perspective of Bitcoin price

Bitcoin and the entire cryptocurrency market have been one of the highest return on investment (ROI) assets since the beginning of the Covid crisis.

However, on-chain data provided by Glassnode suggests that long-term holders are selling on the recent price rally. Perhaps that’s why the price of Bitcoin has dropped below $40,000 in the past two days.

“Some long-term bitcoin holders are selling that jump at a low profit, as indicated by LTH-SOPR hitting this year’s low for two days straight,” noted Lex Moskovski, renowned analyst.

However, according to cryptocurrency analyst PlanB, Bitcoin pricing is in line with the S2F model and is heading towards a new ATH in the near future.

Global mass crypto adoption has significantly helped the entire crypto market to stay above $1 trillion market capitalization. Additionally, industry experts predict further adoption catalyzed by specific regulatory compliance across jurisdictions.

In the United States, the debate over cryptocurrency regulations continues as the SEC receives more pressure to pass the first Bitcoin ETF.

Africa and Asia continue to move towards adoption of blockchain technology as well as cryptocurrency market regulations led by Nigeria, Tanzania, and others.

Source: CoinSpeaker

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