Seeming deja vu in October 2020?Bitcoin’s pullback to $38,000 makes traders disagree on what to do next

Broader cryptocurrency market entry Consolidation period On July 27th, following Bitcoin (Bitcoin) The short-lived surge above $40,000 the day before helped ignite a rebound in the entire market and brought new optimism to the market.

Data from Cointelegraph Markets Pro and Transaction view The noon attempt to increase the price of BTC above 40,000 USD was rejected, which caused the price to fall back to 37,500 USD.

BTC/USDT 4-hour chart. source: Transaction view

Although Tuesday’s price fall may indicate that Monday’s rebound was only a short squeeze, others pointed out that the Grayscale Bitcoin Trust (GBTC) premium is rising, and it is now At the highest level Within a few months, it was -5.88%, which shows that institutions are betting on BTC price increases again.

Bitcoin bulls fight to rebuild the uptrend

rumor Amazon will start accepting cryptocurrency payments in 2021, which will help ignite Monday’s market-wide rebound, but Official denial Later by the company.

However, as Point out According to anonymous independent market analyst Rekt Capital, Bitcoin’s price chart shows a fractal pattern that is similar to the price performance in October 2020, just before the price of BTC starts to hit a record high.

If a similar pattern appears in the current market, the price of Bitcoin will See the continuation of the upward trend It was triggered by Amazon rumors.

However, as Jarvis Labs analyst and co-founder Ben Lilly pointed out, not all available data indicates that the upward momentum will continue. He has been monitoring the data on the chain to gain a deeper understanding of the recent rise, especially with Ethereum. London hard fork It is scheduled to be held on August 4th.

Eli Lilly Say,

“On-chain activity and demand have not yet emerged. Combine this with Amazon News, as fakes and shorts are becoming more and more popular, and I wouldn’t be surprised to see the low price of $31,559 at $30,000.”

However, an example of bearish bias is if Written by the pseudonym Twitter user Bear Wolf, he believes that Monday’s development is nothing more than a brief squeeze in the broader bear market.

“19K is still my goal to end the bear market,” he wrote. “Dead cat bounces back to 46K (Short Squeeze). If we draw 50K and find support, TA will be invalid>>ABOVE

related: Senator Wallon London urges Treasury Secretary Yellen to respond to rising crypto threats

Altcoins give back income

As the excitement of Amazon’s rumors faded, most of the gains in the altcoin market on Monday went back on Tuesday.

Daily cryptocurrency market performance. source: Coin 360

Dogecoin (dog) And Solana (SOL) were the two hardest hit tokens in the top 20, losing 10% and 10.8%, respectively. Best performer on Monday Strike (STRK) and Venus (XVS) both fell 16%.

The 30% increase of Axie Infinity (AXS) and MyNeighborAlice (ALICE) marked the best performance of the day, while the price of the blockchain-based identity management solution Civic (CVC) rose by 20%.

The overall market value of cryptocurrencies is now $1.488 trillion, and Bitcoin’s dominance rate is 47.8%.

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