Bitcoin price exceeds 32,000 US dollars, traders worry about continued resistance “relief rebound”

Bitcoin (Bitcoin) Passed $32,000 late on July 16, as the positive response to the Bank of America (BoA) Bitcoin futures continued.

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

Bitcoin’s point of interest close to $32,300

Data from Cointelegraph Markets Pro with Transaction view BTC/USD rose 1.4% that day, setting a new local high of $32,150 on Bitstamp.

The two saw it suddenly Trajectory reversal In the BoA announcement, the $31,000 support level was repeatedly tested in the previous day.

Therefore, a Key area In order to regain a potential bullish continuation, $32,300 is now back on the menu, which seemed an unlikely target a few hours ago.

For traders and analysts Rekt Capital, the current level is the key to the daily closing price.

“If BTC is to maintain the upper half of this blue wedge structure, BTC needs to withdraw the orange as support,” he said beside an explanatory chart.

“If BTC cannot reclaim the orange as support, today’s recovery may just be a relief rebound confirming orange as resistance.”

BTC/USD 1-day candlestick chart with wedge structure.Source: Rekt Capital/Twitter

As Cointelegraph ReportAt the low end, US$31,000 is still a key breakthrough. Failure to hold will open the door to US$24,000.

Altcoins reduce daily losses

Bitcoin’s latest move has an immediate ripple effect on altcoins.

Although the daily losses of major cryptocurrencies on Friday are usually 5%, these losses quickly dissipated and some altcoins even started to rise.

The largest altcoin Ethereum (Ethereum) The transaction price at the time of writing was US$1,923, which launched a shock from the support area close to US$1,800 to the level of US$2,000.

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