Bitcoin bulls defend annual opening after price recovers 5.5% of $29,000


Bitcoin bulls (BTC) may celebrate a modest victory on Wednesday (21), after record orders kept the BTC/USD at its 2021 opening price.

1h BTC/USD (Bitstamp) chart. Source: TradingView

$31,000 back in game for BTC

Data from Cointelegraph Markets Pro and TradingView showed the largest cryptocurrency avoiding a trip of less than $29,000 in the last 24 hours.

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.”

BTC/USD scenario with support and resistance zones. Source: Michaël van de Poppe/Twitter

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.

#BTC
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.

BTC/USD (Binance) buy and sell levels on July 21st. Source: Material Indicators/Twitter

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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Thomas Miles

Cryptocurrency is the most recently discovered currency which will be likely at the help of modernization across the next few decades. With a limited control from the government, the crypto market is independent of many features of a sound market as we know it. Thomas brings these stories to us by weaving them into articles of general importance to all those looking at the fluctuations in the market, or new entries. Thomas is also the founder of Bulletin Bits and is an excellent leader. His leadership is the kind that makes him the most knowledgeable and experienced on the team. His wonderful work ethic and attitude are worthy of imitation!

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