Bingbon Chart

Source: TradingView& Bingbon

The price of Bitcoin, the world’s largest cryptocurrency by market capitalisation, is currently staying above $38,000. After days of consolidation in the lower $30,000-35,000 range, Bitcoin’s price broke above $40,000 last week. As investors were busy celebrating the occasion, BTC’s price dropped back into the $38,000 region for a brief while. There seems to be a major hindrance that needs to be overcome at this stage. $40,000 became a strong resistance level for Bitcoin. If the bulls are unable to regain this important threshold, then Bitcoin will fall further to the support level of $37,500. Once it continues to fall below this price level, Bitcoin will return to the pessimistic defense line of $35,000. At that time, the power of the bears will be further strengthened.

Today’s Headline

Weekly NFT trading volume surged to $339 million last week, up more than 70 percent from mid-July, when it peaked at $209.27 million, according to The Block. Before that, the high for weekly trading was $197 million reported in February. CryptoPunks accounted for the majority of the latest weekly NFT transactions, reaching $207 million, with Axie Infinity taking in $127 million and NBA Top Shot taking in about $4 million.