price-news | CoinDesk

Bitcoin Breaks Key Resistance as Market Health Improves on Institutional Demand

"There seems to be a shift in the sentiment in the market compared to a few months back," said hedge fund executive director Ulrik Lykke.

A clean break above the 200-day moving average could accelerate prices, according to digital asset firm Zerocap.

Ether has rallied almost 60% in two weeks.

By Omkar GodboleAug 5, 2021

The pullback from Saturday's top to current prices is likely to do with uncertainty around the U.S. infrastructure bill, one expert said.

Sunday's price rise follows an unconfirmed report Amazon is looking to accept bitcoin payments by year's end.

Should the cryptocurrency close at or below current prices, that would represent the steepest weekly sell-off since June 14.

Intraday volume for the world's oldest cryptocurrency remains considerably lower than weeks past.

The daily chart for bitcoin shows prices have been caught between $36,000 and $31,000 since at least June 21.

Weak trading volume points to a lack of institutional and retail interest, according to one expert.

Bitcoin's jump coincides with announcements made by El Salvador's president on Thursday evening.