Bingbon Chart

Source: TradingView & Bingbon

BTC is now trading in a tight range between $39,000-40,000. BTC has risen almost 23 percent this week. Sentiment has begun to flare as bulls manage to break the strong resistance at the $40,000 level. Data shows that the bears failed to drop off the $39,000 level even though Bitcoin’s price stock stagnated yesterday and added to the concerns that the price could fall back to the last range between $35,000 to $30,000 per week. BTC has crossed this critical technical and psychological level three times and has succeeded to consolidate above. In addition, the weekend’s short-squeeze brought the price above the 50-day and 200-day moving averages, which is a strong bullish signal. A battle for the $45,000 could prove to be the final surrender of the bears. Conversely, profit-taking may coincide with the bear formation, which could well derail the latest bullish momentum. There is only one day left before the monthly closing, a stage that will be very important.

Today’s Headline

PayPal CEO Dan Schulman confirmed that the payments giant is preparing for launching crypto services in the U.K. If all goes well according to plan, this could be as soon as August. He addressed that the company is adding “incremental functionality” to the crypto trading platform, having already increased the crypto purchasing limits to $100,000 per week on July 15. What PayPal has done in entering this market is quite ingenious. However, Schulman was short in his remarks on the company’s most-requested feature, the ability for users to make use of some of the Bitcoin protocol’s most basic components. And with plans to bring crypto services to the U.K, crypto will gain more exposure, which will benefit more people in the long run.