Market Analysis
Bitcoin rebounds to $31.6K, but warnings of another BTC price plunge are everywhere
Bitcoin (BTC) continued its bounce from its 2021 opening price on Wednesday, hitting $31,600 in what some concern is only a momentary reprieve from the draw back.
BTC/USD 1-hour candle chart (Bitstamp). Supply: TradingView
“Short the bounce?”
Information from Cointelegraph Markets Professional and TradingView adopted BTC/USD because it gained a good 7% throughout Wednesday.
Bulls had efficiently defended the most important cryptocurrency towards additional losses at simply above $29,000 — the price at which the market started the yr.
As Cointelegraph reported, nonetheless, concern is working excessive over present power being a “relief rally” — not a real comeback after a price ground.
“It’s still ‘short the bounce’ season,” in style analyst and podcast host Nebraskan Gooner summarized to Twitter followers.
Veteran dealer Peter Brandt concurred, suggesting that Bitcoin would wish another shock leg down earlier than the real return to type kicked in.
l assume your chart could also be prophetic
— Peter Brandt (@PeterLBrandt) July 20, 2021
The newest spot volatility comes as Bitcoin community fundamentals delight market members — these displaying ever-increasing power this month.
The hash price was nearing 100 exahashes per second (EH/s) on the time of writing, edging nearer to all-time highs of 168 EH/s from earlier than the notorious China mining rout.
“Bitcoin network fundamentals have never looked better,” MicroStrategy CEO Michael Saylor declared Tuesday.
Bitcoin estimated hash price chart. Supply: Blockchain.com
Problem, in the meantime, was nonetheless on observe to enhance at its subsequent readjustment regardless of the price dip.
Dogecoin shines forward of Musk convention date
In altcoins, a welcome reversal of fortunes was nonetheless in play — many of the highest 50 cryptocurrencies by market capitalization noticed every day beneficial properties of practically 10%.
Associated: Bitcoin bull outlines 7 steps to extra fiscal stimulus and better BTC costs
A standout was Dogecoin (DOGE), which put in 14% returns forward of proponent Elon Musk’s dialogue at Wednesday’s “The B Word” convention.
Crypto gamers extra broadly shall be anticipating cues from the occasion, which options Musk in dialogue with Ark CEO Cathie Wooden and Jack Dorsey, CEO of Twitter and fee firm Sq..
DOGE/USD 1-hour candle chart (Bittrex). Supply: TradingView
