Bitcoin rebounded to $31,600, but warnings of BTC price plummeting again are everywhere

Bitcoin (Bitcoin) Continued to rebound from the 2021 opening price on July 21, reaching US$31,600. Some people worry that this is only a temporary relief of downward pressure.

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

“Short rebound”?

Data from Cointelegraph Markets Pro with Transaction view Follow BTC/USD as it rose by 7% on Wednesday.

The bulls successfully defended the largest cryptocurrency from further losses at a price slightly above $29,000-this was the price at the beginning of the market.

As Cointelegraph ReportHowever, there is growing concern that the current strength is a “relief rebound” – rather than a true rebound after the price bottom line.

“This is still the’short rebound’ season,” popular analyst and podcast host Nebraskan Gooner to sum up Twitter fans.

Veteran trader Peter Brandt agreed, and he believes that Bitcoin needs to fluctuate again before it really recovers.

The latest spot volatility occurred at a time when Bitcoin network fundamentals delighted market participants, which have shown increasing strength this month.

Computing power At the time of writing, it is close to 100 exahashes (EH/s) per second, which is close to the historical high of 168 EH/s before the infamous Chinese mining industry collapsed.

“The fundamentals of the Bitcoin network have never been better,” MicroStrategy CEO Michael Saylor Announce on Tuesday.

Bitcoin estimated hash rate chart.Source: Blockchain

difficult, Meanwhile, is Still on track Although the price has fallen, it will increase in the next adjustment.

Dogecoin shines ahead of Musk meeting date

In altcoins, the gratifying reversal of fortune is still taking place-many of the top 50 cryptocurrencies by market capitalization have experienced daily gains of close to 10%.

related: Bitcoin bull market outlines 7 steps for more fiscal stimulus and higher BTC prices

One prominent is Dogecoin (dog), before supporter Elon Musk’s discussion at the “The B Word” conference on Wednesday, it brought a 14% return.

A wider range of cryptocurrency players will follow the clues of the event, where Musk discussed with ARK CEO Cathie Wood and Twitter and payment company Square CEO Jack Dorsey.

DOGE/USD 1-hour candlestick chart (Bittrex). Source: TradingView