As Amazon denied the upcoming encryption plan, Bitcoin fell back to below $38,000. Investing.com


Samuel Indic

Investing.com-After being optimistic that Amazon might start accepting cryptocurrency as payment on its website and breaking through $40,000, its price has fallen below $38,000 after being denied by the Internet giant.

An Amazon (NASDAQ:) spokesperson said on Monday evening: “Although we are interested in the field, the speculation surrounding our specific plans for cryptocurrency is not correct.”

“We are still focused on exploring what this will look like for customers shopping on Amazon.”

The boom came after a job advertisement for heads of digital currency and blockchain products. The London-based newspaper City AM stated that Amazon hopes to accept Bitcoin payments by the end of the year, citing “insiders” as saying.

Rumors about Amazon push Bitcoin to its highest level in 15 yearsday In June, the denial meant that the world’s largest cryptocurrency had returned to the recent range of between $30,000 and $40,000. Both parties have tried.

Tether criminal investigation

Separately putting pressure on Bitcoin and other major cryptocurrencies may be the United States investigating whether the executives behind the stablecoin committed bank fraud. Bloomberg reported that when digital tokens were in their early stages, the Justice Department was paying attention to whether Tether concealed certain transactions from the bank that were related to cryptocurrencies.

Technical picture

After breaking through $40,000, Bitcoin found some resistance near the 100-day moving average of $40,600, which was the top of Monday. Returning to more than $40,000 will make 100DMA work again.

On the downside, after acting as upside resistance in recent weeks, $35,000 may become support. Below that level and $30,000 may once again play a supporting role.

Despite the decline today, Bitcoin still maintained most of its gains over the weekend, rising by nearly 30% in the last week.

Other major cryptocurrencies also showed similar price movements. It has fallen by about 2% in the past 24 hours, but has risen by more than 30% in the past 7 days to around US$2,300.

Now the focus may turn to the latest monetary policy meeting on Wednesday. The FOMC’s hawkish surprises may put pressure on riskier assets such as Bitcoin and cryptocurrencies.

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