Bitcoin bulls (BTC) may celebrate a modest victory on Wednesday (21), after record orders kept the BTC/USD at its 2021 opening price.
$31,000 back in game for BTC
After breaking through $30,000 support, concerns quickly mounted that Bitcoin would break even its May lows and continue toward $24,000 or less.
In the end, that didn’t happen, thanks to the “biggest offer ever” to keep the bears working, as reported by the Cointelegraph, .
With that, the BTC/USD was back above $30,000 as of this Wednesday’s writing, but whether or not it was the bottom was a big topic of discussion.
For Cointelegraph analyst Michaël van de Poppe, the fact that Bitcoin has not matched May levels left the door open for a rest. More broadly, behavior both then and now conformed to a trading pattern that had not yet broken down.
“Bitcoin is still operating within this range of fuse”, summarized it before recovery.
“It hasn’t completely removed liquidity, as there are still some wicks from which to withdraw it. However, the daily candle on the Ethereum is interesting as that one is in support. Let’s see if we lost that and hit $26,000 right away.”
He added that Bitcoin was “insanely cheap” at levels below $30,000.
Fellow trader Crypto Ed shared his feelings of foreboding, arguing that it was not yet time for a real turnaround.
The elliot wave labeling was right so far.
One has to see how this leap unfolds, but it must be a corrective leap before further destruction.
Always expect the unexpected, so we set levels where it’s invalidated and go bull. Not yet. pic.twitter.com/RnhlPidjb4
– Crypto_Ed_NL (@Crypto_Ed_NL) July 21, 2021
Order book data showed resistance rising by $31,000 on the day, putting an obstacle in the way of bulls that had boosted the market 5.5% to a local top of $30,900. Support of $29,000 or less, despite previous testing, remained in effect.
Altcoins show strong returns
Altcoins welcomed the relief rally in Bitcoin, while van de Poppe’s curiosity about Ether (ETH) was well founded, as it earned nearly 6% in hours.
Related: FED Posture on Stablecoins: 5 Things to Watch Out for in Bitcoin This Week
Previously, the higher altcoin had lost the trend of higher lows that characterized it throughout 2021.
Gains of up to 20%, however, shown in the top 50 cryptocurrencies by market capitalization, underscoring the current sensitivity of altcoins to Bitcoin movements.
The total market value of cryptocurrencies returned above R$ 6.53 trillion.
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