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Bitcoin Rises Above $40K as Mining Council Plans to Address Environment Concerns
Bitcoin's recovery rally looks to be gathering steam, but the 200-day SMA hurdle is still intact.
Updated Sep 14, 2021, 1:01 p.m. Published May 26, 2021, 8:33 a.m.
Bitcoin's recovery gathered steam on Wednesday with prices topping $40,000 to hit the highest level in nearly a week.
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- The leading cryptocurrency by market value rose to $40,800 during the early European trading, a level last seen on May 21. Prices hit lows near $31,000 on May 23 and have been rising ever since.
- At press time, bitcoin was trading at $40,272, according to CoinDesk's Bitcoin Price Index. The cryptocurrency is yet to pass through the widely tracked 200-day simple moving average hurdle at $40,639.
- Major alternative cryptocurrencies (altcoins) are also gaining ground and flashing relatively bigger returns.
- Names including MATIC, LINK and BNB have gained 10% to 14%, while ether, the second-largest cryptocurrency, is trading 6% higher.
- Altcoins suffered sharp losses last week as bitcoin crashed. Ether fell by over 40%, registering its biggest weekly decline on record.
- The latest uptick in bitcoin and other coins comes on the heels of the Bitcoin Mining Council's plans to address concerns regarding the negative environmental impact of cryptocurrency mining.
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These Three Metrics Show Bitcoin Found Strong Support Near $80,000
Onchain data shows multiple cost basis metrics confirm heavy demand and investor conviction around the $80,000 price level.
What to know:
- Bitcoin rebounded from the $80,000 region after a sharp correction from its October all time high, with price holding above the average entry levels of key metrics.
- The convergence of the True Market Mean, U.S. ETF cost basis, and the 2024 yearly cost basis around the low $80,000 range highlights this zone as a major area of structural support.
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