On July 27, Reuters released a rebuttal from an Amazon spokesman regarding the company’s plans to implement Bitcoin.

“Notwithstanding our interest in the space, the speculation that has ensued around our specific plans for cryptocurrencies is not true,” the source said.

On the backdrop of this new turn, the Bitcoin rate fell, but what is important, it didn’t fall lower than the July 26 level, when London’s City AM newspaper cited an unnamed insider saying Amazon had intentions to accept Bitcoin payments until the end of the year.

The fact that the official clarification did not bring the price back to the starting point suggests a bullish market sentiment.

Mike McGlone, Bloomberg’s Intelligence senior commodity strategist, is of the opinion that BTC quotes are more likely to return to the $60,000 mark than fall to $20,000.

The price of Bitcoin fluctuates around the psychological level of $40k. The level of $36k — the base of the July 26 large-volume candlestick — is important. As long as the bulls keep the price above this level, the situation looks encouraging.

This outlook represents FXOpen Markets Limited opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Markets Limited products and services or as financial advice. Cryptocurrency CFDs are not available to trade in all jurisdictions.

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