After the BTC price rebounded 5.5% from $29,000, Bitcoin bulls defended the annual opening price

Bitcoin (Bitcoin) After record bids keep BTC/USD at the opening price of 2021, the bulls may celebrate a small victory on July 21.

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

31,000 USD for BTC

Data from Cointelegraph Markets Pro with Transaction view Shows that the largest cryptocurrency has avoided travel of less than $29,000 in the past 24 hours.

Rear breakthrough With the support of US$30,000, people soon worried that Bitcoin would even exceed its May low and continue to develop towards US$24,000 or lower.

Thanks to Cointelegraph, these were not implemented in the end Report, The “biggest bid ever” to keep the bears working.

So far, at the time of writing this article on Wednesday, BTC/USD has returned to more than $30,000, but whether it bottoms out is a major topic of discussion.

For Cointelegraph analyst Michaël van de Poppe, the fact that Bitcoin did not reach the level of May opens the door for retesting. More broadly, the behavior at that time and now is consistent with the transaction model that has not yet collapsed.

“Bitcoin is still active in this range,” he said to sum up Before the rebound.

“The liquidity is not fully utilized because there are still some wicks from which liquidity can be extracted. However, Ethereum’s daily candle is interesting because it is supportive. Let’s see if we will lose this and reach 26,000 next US dollars.”

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

He added that Bitcoin is “very cheap” below $30,000.

Trader Crypto Ed shared his ominous premonition that it is not time for a real recovery.

Order data The resistance level was at $31,000 on the day, which created an obstacle for the bulls who pushed the market up 5.5% to a local high of $30,900. Despite previous tests, support levels of $29,000 and below still exist.

BTC/USD trading level (Binance) as of July 21. Source: Material Indicators/Twitter

Altcoins return strongly

Altcoins welcomed the Bitcoin relief rally, and Van de Poppe’s curiosity about Ethereum (Ethereum) Is well-founded because it has risen by nearly 6% in a few hours.

related: The Fed adopts stablecoins: 5 things to watch for Bitcoin this week

Previously, the largest altcoin has lost its characteristics throughout 2021.

At the same time, the top 50 cryptocurrencies by market capitalization have risen by as much as 20%, highlighting the current sensitivity of altcoins to Bitcoin’s trend.

The total market value of cryptocurrencies exceeds 1.25 trillion U.S. dollars.