Breaking: Bitcoin price hits $40,000 as Amazon allegedly prepares for cryptocurrency payments


  • Bitcoin price rallied roughly 13% over the past 12 hours to tag the $40,000 psychological level.
  • This move comes after rumors of Amazon setting up payments in BTC, and other cryptocurrencies spread.
  • While this move is bullish, a minor retracement seems likely after a 36% uptrend over the past six days.

Bitcoin price is currently hovering below $40,000 after a retest. A pullback to the range’s mid-point seems likely after such a massive rally. Such a move will provide buyers a breather to recuperate and prepare for the next leg of the upswing.

Amazon prepares for Bitcoin payments

One of the world’s largest e-commerce behemoths, Amazon is allegedly set to accept payments in Bitcoin, Ethereum, and other cryptocurrencies. This news comes after an insider revealed that this move from Amazon is not a plan to get this done in the future but a “well-discussed, integral part” of how the e-commerce giant will perform in the short-term future.

Reportedly, this decision came straight from the world’s richest man and Amazon’s founder - Jeff Bezos. While Bitcoin will be the first cryptocurrency Amazon might accept, Ethereum, Cardano, and Bitcoin will be next in line.

The news of this seems to have caught on during the Asian session, which has responded positively, pushing Bitcoin price to $40,000. This development comes after Amazon was looking to hire digital currency and blockchain experts a few days ago.

Regardless of the rumors, Bitcoin price seems to have rallied exponentially. The technicals indicate that a pullback seems likely after such a run-up.

Bitcoin price needs to correct

Bitcoin price rallied roughly 37% over the past six days to hit $40,000. While the rumor could have played a role, the current position seems unlikely to last. BTC needs a reset that will allow the buyers to book profit and sidelined investors to get in for the next run-up.

The most likely support levels that could support this correction are the 50% Fibonacci retracement level at $34,650 or the 62% Fibonacci retracement level at $33,353.

Although unlikely, the 70.5% Fibonacci level at $32,453 could be tagged in a slightly bearish condition.

The rally that emerges from these points might tag the June 15 swing high at $41,327 or $42,478.

In a highly bullish case, Bitcoin price might hit $45,376, roughly a 30% upswing from $34,650.

Anything beyond this level will be ephemeral and will likely lead to an immediate correction.

BTC/USDT 12-hour chart

BTC/USDT 12-hour chart

On the other hand, a breakdown of the 79% Fibonacci retracement level at $31,517 might invalidate the bullish thesis and trigger a 7% sell-off to the range low at $29,249.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Institutional investors shift focus to Ethereum futures as demand for Bitcoin weakens

Big investors are turning their attention to Ethereum, according to JPMorgan analysts. Bitcoin futures have witnessed weak demand as BTC futures have traded below spot prices. Ethereum futures premium rose 1%.

More Bitcoin news

Litecoin Price Forecast: LTC contemplates 17% ascent after reclaiming crucial barrier

Litecoin price experienced the second flash crash, which bottomed on September 21. While the descent was steep, the recovery seems to be coming along well. The recent upswing has pushed past a key resistance level.

More Litecoin news

Solana bears can push SOL to $81

Solana price struggles to continue gains made on Wednesday. A bullish breakout is near, but any rejection could generate a massive collapse in value. Bears await a drop below $144 to continue downside pressure.

More Solana news

Chainlink Price Prediction: LINK to fall further towards $17.00

Chainlink price continues to fall despite a 14% gain on Wednesday's close. Warning signs of a dead-cat bounce and poor follow-through by the bulls could be witnessed by the lower traded volume.

More ChainLink news

BEST CRYPTO BROKERS/EXCHANGES



Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP