{"id":307637,"date":"2021-07-25T04:30:00","date_gmt":"2021-07-25T01:30:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/3-reasons-why-bitcoin-price-has-not-been-able-to-rally-back-above-40k\/"},"modified":"2021-07-25T04:30:00","modified_gmt":"2021-07-25T01:30:00","slug":"3-reasons-why-bitcoin-price-has-not-been-able-to-rally-back-above-40k","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/3-reasons-why-bitcoin-price-has-not-been-able-to-rally-back-above-40k\/","title":{"rendered":"# 3 reasons why Bitcoin price has not been able to rally back above $40K"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a4f6d187142c\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a4f6d187142c\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/3-reasons-why-bitcoin-price-has-not-been-able-to-rally-back-above-40k\/#A_strong_dollar_threatens_Bitcoins_recovery\" >A strong dollar threatens Bitcoin&#8217;s recovery<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/3-reasons-why-bitcoin-price-has-not-been-able-to-rally-back-above-40k\/#Fractals_and_the_Death_Cross_suggest_the_correction_is_not_over_yet\" >Fractals and the Death Cross suggest the correction is not over yet<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># 3 reasons why Bitcoin price has not been able to rally back above $40K <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>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.<\/p>\n<p>Bitcoin&#8217;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&#8217;s price action.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"A_strong_dollar_threatens_Bitcoins_recovery\"><\/span>A strong dollar threatens Bitcoin&#8217;s recovery<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>According to data from Delphi Digital, one of the biggest factors placing strain on risk assets around the globe is the strengthening U.S. dollar which <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ears to be attempting a trend reversal after falling below 90 in late May. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-07\/1aedfdb9-bce1-45a3-802e-8edd13360641.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>DXY 1-day chart. Source: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.delphidigital.io\/\">T<\/a>radingView<\/em><\/figcaption><\/figure>\n<p>Rising dollar strength put a halt to the year-long uptrend in the 10-year US Treasury yield which is also a reflection that the economic expansions seen in the first half of 2021 are beginning to lose steam and there is a threat that a new wave of Covid-19 infections threatening the global economic recovery.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Fractals_and_the_Death_Cross_suggest_the_correction_is_not_over_yet\"><\/span>Fractals and the Death Cross suggest the correction is not over yet<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The short-term outlook for Bitcoin remains bearish as previous instances of the \u201cDeath Cross,\u201d which appeared on BTC&#8217;s chart in late June, have been followed by a corrective period that can last for nearly a year. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-07\/ecff7e3f-237b-45a6-8b4c-072f3e357db9.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Bearish crossover of the 50 day and 200-day MA. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.delphidigital.io\/\"><em>Delphi Digital<\/em><\/a><\/figcaption><\/figure>\n<p>According to the analysts at Delphi Digital, the 12-month moving average is being tested as support, and a dip below this level would signal further downside for BTC price.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-07\/f1e47c11-c03a-434e-927d-eb7d91ecc1af.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Bitcoin price testing the12-month moving average. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.delphidigital.io\/\"><em>Delphi Digital<\/em><\/a><\/figcaption><\/figure>\n<p>The 12-month moving average has been a key support level for Bitcoin historically, so how the price performs near this level could dictate whether the current uptrend remains intact. <\/p>\n<p><strong><em>Related<\/em><\/strong><em>: <\/em><em>El Salvadorians take to the streets to protest Bitcoin law<\/em><\/p>\n<p>Overall, caution is warranted for traders because low volumes have historically led to higher volatility when fewer open bids can lead to rapid price fluctuations.  <\/p>\n<p>As explained by Kevin Kelly, a certified financial analyst at Delphi Digital, \u201cthe short-term outlook turns quite a bit more bearish if and when we break those key levels\u201d near $30,000. <\/p>\n<p>Kelly said:<\/p>\n<blockquote><p>\u201cI don\u2019t necessarily think that we will see as nearly as significant of a drawdown as we did in say, post-December 2017, early 2018, and into the end of that year. But I do think, just given the structure of the market, that we could potentially be in for a bit more short-term volatility and potentially some more headwinds here, in the near term.\u201d <\/p><\/blockquote>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/3-reasons-why-bitcoin-price-has-not-been-able-to-rally-back-above-40k\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# 3 reasons why Bitcoin price has not been able to rally back above $40K &#8221; 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&#8217;s price history&#8230;<\/p>\n","protected":false},"author":1,"featured_media":307638,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDcvY2QxODYzMjMtNzBiNi00YzY5LTg3YmEtZTI1YzI0MjVkMTYzLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,81951,74937,74863,76153,74939,1545,73785,70359],"class_list":["post-307637","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-analysis","tag-bitcoin-price","tag-cryptocurrencies","tag-dollar","tag-market-analysis","tag-coronavirus","tag-markets","tag-stocks"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/307637","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=307637"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/307637\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/307638"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=307637"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=307637"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=307637"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}