Bitcoin (Bitcoin) Circled $32,000 on July 22, after Elon Musk’s new comments were exciting and led to increased support.
BTC bulls regroup at $32,000
Data from Cointelegraph Markets Pro with Transaction view A few hours after Musk and others praised Bitcoin in a conference panel, the price of BTC/USD was shown to be between $31,500 and $32,000 overnight on Wednesday.
As Cointelegraph Report, Musk’s words are generally positive, not as important as many people think-this in turn led to a short spike in prices, reaching a maximum of $32,800.
Since then, familiar resistance began to appear, and $32,400 once again became a level that needed to be reversed, which is a feat that Bitcoin has not yet achieved.
Nevertheless, the previous gains from less than $30,000 are still intact, and there is also little evidence that there will be a major retracement on Thursday.
Cointelegraph writer Michaël van de Poppe “If we look at the price movement of Bitcoin, we can clearly see and state that we hold more than $31,000” Say.
“If this situation continues and the market gives higher lows, I think we have found a temporary bottom and we will test $40,000.”
Independent analyst and trader Keith Wareing is neutral on the Musk incident. He believes that because there is no real breakthrough in the resistance level, the short-term BTC price pattern has not undergone fundamental changes.
Elon pump (yes)
Refused to bang, literally bang on the handle (shhh)
But TA is a bunch of nonsense, so it doesn’t make any sense, right?
Wake me up when we break through and close above $42,300, otherwise it will still be chopsville pic.twitter.com/58V1cO0txq
— Keith Walling (@officiallykeith) July 22, 2021
Therefore, the buying and selling positions among traders also continued the trend earlier this week-an increase of $33,000, slowly forming a resistance zone, and the support level was at $31,000.
Van de Poppe: If Bitcoin takes off, altcoins will prosper
Altcoins also consolidated the gains of the day, usually between 5% and 10%.
related: After Bitcoin soared to $33,000, altcoins received double-digit gains
Dogecoin (dog), which one Started its run-up Before Musk, the transaction price was still below $0.20 at the time of writing, and the daily return was close to 8%.
Van de Poppe added that if Bitcoin rises to an interval resistance of $40,000 or higher, it will have a more pronounced impact on the altcoin market.
“This will cause altcoins to run 80-150% from here,” he predicted.
Ether (Ethereum) Is the altcoin with the largest market capitalization, returning to $2,000 and breaking out of support after briefly losing the trend of higher lows in 2021 earlier this week.
