Bingbon Chart

Source: TradingView& Bingbon

After falling below $30,000 last week, Bitcoin seemed to be in danger of further declines. However, Bitcoin is now briefly keeping above $38,000 for the first time since June 16. The on-chain and market data indicate that a short squeeze is an unusual condition that triggers “rapidly rising prices.” Bitcoin’s 4-hour chart shows a shift breakout from the downtrend that it was following since May. While BTC is very likely to shoot straight back up to $40,000 due to this bounce, it did give the bull’s a winning chance. Prices have continued to rally around $38,500, having cooled slightly after hitting a monthly high of around $39,850. Further potential upside trend must be based on Bitcoin’s firm footing at $39,300, a major resistance level.

Today’s Headline

E-commerce giant, Amazon has prepared enough and has shown its readiness to welcome and accept Bitcoin payments on its platform. Due to this significant demand, Amazon has no choice but to offer crypto services. Moreover, it has taken a significant step towards this goal by putting up a job posting for Digital Currency and Blockchain Product Lead. While Bitcoin is the first step in Amazon’s crypto roadmaps, executives at the company are keen to add other well-known cryptocurrencies in the future. So Amazon is ready to compensate for potential competitive disadvantages by providing a bridge of sorts to the crypto space with the aim of taking a cut for that bridging.