BTC price bounces 5.5% from $ 29,000 to approach $ 31,000
The price of Bitcoin recovers to almost – but not quite – reach its opening price on January 1. Bitcoin (BTC) bulls were able to celebrate a modest victory on July 21 after record bids held the BTC / USD pair at its 2021 opening price.
The $ 31,000 level is on the line again for BTC
Data from Cointelegraph Markets Pro and TradingView showed that the largest cryptocurrency avoided a trip below $ 29,000 in the last 24 hours. After losing the $ 30,000 support, concerns quickly grew that Bitcoin would fall to its May lows and even reach the $ 24,000 level or below.
This did not happen, thanks to the fact that, as Cointelegraph reported, the “biggest offering in history” kept the bearish momentum working. With that, the BTC / USD pair was back above $ 30,000 at the time of writing, but whether or not it has bottomed out was a major topic of discussion.
For Cointelegraph analyst Michaël van de Poppe, the fact that Bitcoin has not matched its May levels leaves the door open for a new test. More broadly, behavior both then and now conformed to a trading pattern that had not yet been broken. “Bitcoin continues to act within this wick range,” he summed up before the bounce.
“It hasn’t fully gained liquidity, as there are still a few wicks to draw liquidity from. However, the Ethereum daily candle is interesting. Let’s see if we lose this and hit $ 26,000.” He added that Bitcoin was “insanely cheap” at levels below $ 30,000.
His partner Crypto Ed shared her sense of premonition, arguing that it was not yet the time for a true recovery.
#BTC What EW said was spot on so far – see how this bounce plays out, but it should be a corrective bounce before further fatality occurs. You always have to expect the unexpected, so we determine levels where this is overridden and we go bullish. pic.twitter.com/RnhlPidjb4 – Crypto_Ed_NL (@Crypto_Ed_NL) July 21, 2021
Data from the order book showed that resistance formed at the $ 31,000 level on the day, creating a hurdle that had propelled the market 5.5% higher to a local high of $ 30,900. Support at $ 29,000 and below, despite its previous test, held.
Altcoins star in a strong lift
Altcoins saw a relief rally from Bitcoin, and Van de Poppe’s curiosity about Ether (ETH) was well founded, as he gained nearly 6% in hours. Previously, the largest altcoin had lost a trend of higher lows that had characterized it throughout 2021.
Meanwhile, gains of up to 20% occurred in the top fifty cryptocurrencies by market capitalization, underscoring the current sensitivity of altcoins to Bitcoin movements.
The total cryptocurrency market capitalization exceeded $ 1.25 trillion.
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