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Bitcoin steadies after Amazon hit yesterday evening

27 Jul, 2021

As noted and suspected here in a morning update yesterday, Bitcoin did eventually make a move to test its 100 day moving average. Well, it truth it did not quite get there when it topped out at 40,545. In respect of where that moving average now resides today it was right on it though. Yesterday it stood at 40,750. Today it has fallen to 40,550. It was already backing off late yesterday evening when it was knocked further by a statement from Amazon, denying that the company was planning to accept Bitcoin and other cryptocurrencies for payments this year. Amazon also denied that it was planning on launching its own coin, but it did confirm that it is continuing to explore the use of crypto. Well, the headline denial was enough to send Bitcoin tumbling back. It fell to as low as 36,416 earlier during the Asian session. It is trying to steady now, as it attempts to hold a modest rebound back above 37k as this update is being typed, currently trading at 37,085

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