Cryptocurrency quotes are deflating, but only partially. Amazon’s official denial, after speculations on its alleged interest in entering the world of cryptocurrencies, perhaps accepting them as payment instruments, has pushed bitcoin prices away from the top in the $ 40,000 area.
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Premise
On July 22, Amazon posted a job offer for a Digital Currency and Blockchain Product Lead. This actually sparked a series of speculations that created sensational news: Amazon it would be interested in the blockchain world and would be working to accept bitcoin as a payment method by the end of the year. So after Tesla (despite the various turnarounds linked to Musk) now another tech giant would be moving towards the integration of cryptocurrencies.
In recent days, bitcoin prices have also been moved by the new sinks of Elon Musk who claimed to continue to hold bitcoin in a personal capacity and in the SpaceX wallet. Breathtaking news that would once again pave the way for a recovery in investment and a new bull period.
Has the dream vanished?
The dream, however, lasted one day. Indeed this morning Amazon denied the rumor that it would be willing to accept bitcoin by the end of the year and even develop its own Token. The spokesperson confirmed that “Although our interest in the sector is true, the speculation that has arisen about our specific cryptocurrency plans is not” and denied that Amazon is actually researching cryptocurrency payments, adding that “we are evaluating how this may impact users who shop on Amazon.” So the interest is there but it still seems embryonic. Soon perhaps for a surge, but enough to bring the eyes back to bitcoin and to restore the good mood of investors.
Technical analysis on BTC and Ethereum
The spread of the news on Saturday 24th July triggered a weekend rally that took bitcoin above $ 40,000, up more than 20% since the close on Friday 23rd. This is a key level that has served as resistance but despite the behind. -front of Amazon we are in the upper part of a very important side channel that has lasted since May 19th with support in the 30,000 area and resistance at $ 42,000. The reaching and breaking of the latter would cause the beginning of a new bull cycle and above all the avoidance of a possible head-and-shoulders figure that was being created on the daily and that would materialize with the breakdown to the downside of $ 30,000.