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{"id":1114,"date":"2021-07-26T13:13:30","date_gmt":"2021-07-26T13:13:30","guid":{"rendered":"https:\/\/www.cryptocurrencypanther.com\/2021\/07\/26\/btc-strong-technicals-and-fundamentals-flop-at-critical-resistance-delaying-recovery-to-40000\/"},"modified":"2021-07-26T13:13:30","modified_gmt":"2021-07-26T13:13:30","slug":"btc-strong-technicals-and-fundamentals-flop-at-critical-resistance-delaying-recovery-to-40000","status":"publish","type":"post","link":"https:\/\/cryptocurrencypanther.com\/2021\/07\/26\/btc-strong-technicals-and-fundamentals-flop-at-critical-resistance-delaying-recovery-to-40000\/","title":{"rendered":"BTC Strong Technicals and Fundamentals Flop At Critical Resistance, Delaying Recovery To $40,000"},"content":{"rendered":"

\n<\/p>\n

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Bitcoin price remarkably ascended from levels under $30,000 but stalled slightly above $32,000.<\/li>\n
A falling wedge pattern adds credence to the bullish outlook, but key resistance stands in the way of recovery.<\/li>\n
Elon Musk\u2019s founded Space Company, SpaceX owns Bitcoin.<\/li>\n<\/ul>\n
Bitcoin price bulls displayed the strength of their muscles on Wednesday, pulling up from areas under $30,000 to daily highs of $32,807. The recovery started as a reflex action to the declines earlier in the week but was later boosted by Elon Musk\u2019s appearance at the B Conference<\/a>.<\/p>\n
The founder of Tesla, alongside Twitter CEO Jack Dorsey, among other industry figures, discussed demystifying cryptocurrencies. Bitcoin price took another step north after Musk revealed<\/a> that his Space Company, SpaceX, owns Bitcoin and plans to hold long term. The billionaire also said that he owns Ethereum in addition to Bitcoin.<\/p>\n
Bitcoin Price Recovery Suffers Setback<\/h2>\n
Besides the fundamentals catching with Bitcoin\u2019s improving technical levels amid the B Conference, resistance above $32,000 seems to have spoilt the bulls\u2019 party. A break above a falling wedge, which is regarded as highly bullish, affirmed the uptrend.<\/p>\n
As the wedge pattern formed, Bitcoin volume dwindled significantly, resulting in a consolidation period. The breakout from the pattern is usually on the upside and confirmed as the price cracks the resistance at the upper trend line. An uptick in volume adds credence to the bullish outlook as buyers swing into action to take advantage of the rallying prices.<\/p>\n
BTC\/USD four-hour chart<\/h2>\n
$\"BTC\/USD$