Bitcoin rose 13.5% on Monday and hit $ 39,000 per coin. Other cryptocurrencies also rallied, with Ethereum up 10% to $ 2,359, while Dogecoin rose 11.4% to $ 0.2195.
Analysts said Bitcoin should have collapsed when it fell below $ 29,000, but for the past few days it recovered steadily, thanks to powerful supporters like Tesla CEO Elon Musk, Square CEO Jack Dorsey and ARK Invest CEO Tesla CEO Elon Musk, Square CEO Jack Dorsey and ARK Invest chief Cathie Wood.
Initially, Bitcoin and other crypto assets were declining on Monday evening, when Amazon denied having investments in the market. They said they are still studying crypto payments.
And despite ongoing negative pressures, such as tighter regulation and growing criticism on its carbon footprint, Botcoins recent move is a good sign
Katie Stockton, Founder and Managing Partner of Fairlead Strategies, said the cryptocurrency will continue to rise, and the next resistance level will be between $ 42,000 and $ 43,000.
"I don't think it will be difficult for Bitcoin to break through $ 42,000. If this level is broken, the next resistance level will be $ 51,000," Stockton said.
Crosstower analyst Martin Gaspar also believes that momentum is growing, commenting that if Amazon announces that it will accept payments in Bitcoins, or at least simplify payments for its merchants, then this will be another sign of a massive cryptocurrency verification.
Clearly, Bitcoin's movements are easily swayed by statements from analysts or popular influencers like Musk. Traders should take advantage of it to gain profit.
