After Bank of America approved BTC futures trading, Bitcoin rebounded by 31,000 US dollars

Bitcoin (Bitcoin) Continued to rebound from the USD 31,000 support level on July 16, as the new data strengthened the importance of the current price level.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

Don’t have a $42,000 trip?

Data from Cointelegraph Markets Pro with Transaction view It shows that BTC/USD has repeatedly tested, but it has not broken through 31,000 USD as of Friday.

Due to unconfirmed reports that Bank of America had approved bitcoin futures trading, the stock price soared to nearly $32,000.

Market participants have mixed views on the short-term outlook. Popular trader Michaël van de Poppe note On Thursday, $31,000 is Bitcoin’s final frontier-without it, the next logical one will be $29,000 or even $24,000.

Trader Crypto Ed also hesitated that day. Earlier this week, he believed that Bitcoin might rebound and hit the $42,000 range high, and then reverse down again to challenge the $30,000 support level.

He wrote in the update: “BTC creates new lows and invalidates the idea of ​​continuing the rally.” He added that even if the dollar currency index (DXY), which is traditionally negatively correlated with BTC, fell, it is unlikely to help significantly. long.

At the same time, new data shows that a large amount of on-chain activity has taken place at the current price level.

According to data from the on-chain monitoring resource Glassnode, 9.93% of Bitcoin supply fluctuates between $31,000 and $34,300-this is an obvious area of ​​interest to both buyers and sellers.

“This is convincingly the largest cluster of realized transaction volumes since $12,000,” the company comment.

Bitcoin UTXO implements price distribution annotation map.Source: Glassnode/Twitter

Previously, Cointelegraph famous $30,000 itself forms an important level in the minds of small and large traders, whose behavior has changed from a “sell” to a “buy” mentality in recent weeks.

Altcoins lost the mid-range sentiment

At the same time, the observation of altcoins highlights the lack of bullish sentiment in the cryptocurrency market towards the end of the week.

Among the top 50 tokens by market value, most of the losses are larger than BTC/USD, and without price triggers, the decline is as high as 12%.

Ether (Ethereum) Is the largest altcoin, and its own key support area is approximately $1,800. Van der Pope said in a statement that it is now “very likely” to start a new accumulation period. YouTube updates Thursday, before volatility re-enters.

Bitcoin’s dominance rose, reaching 46% on the same day, exacerbating the dilemma of altcoins.