With Square’s confirmation of the “mainstream” Bitcoin wallet plan, the price of BTC has returned to $33,000

Bitcoin (Bitcoin) Came back to life late on July 9th, after the price drop caused by whales failed to drive the market down for more than 24 hours.

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

Bitcoin price movement returns 33,000 USD support

Data from Cointelegraph Markets Pro with Transaction view BTC/USD rose 2% in one hour on Friday, setting a local high of $33,700 on Bitstamp.

Was marked the day before Reduce stroke And the test of the $32,000 support level, which occurred in the context of the sudden short selling of the Bitfinex entity.

However, now with the support of $33,000, traders once again hope that the existing short-term theory can still work.

“Bitcoin still maintains a key level of support and may make new higher lows here,” Michaël van de Poppe concluded in his report Recently updated.

If Bitcoin breaks through the starting point of the resistance band at $35,500, Van de Poppe had predicted that it might rise to $39,000.

The rebound came after the announcement of the payment gateway Square, which confirmed that he would develop a “mainstream” cryptocurrency hardware wallet.

“We are doing this,” Twitter and Square CEO Jack Dorsey responded to the latter’s post from the head of hardware. Jesse Dorogusk.

Dorogusker also stated that the plan will include “services that make bitcoin custody more mainstream”, but more details remain unresolved.

Woo: “The whale is fishing”

As Cointelegraph Report, Industry researchers have discovered a new bullish trend in on-chain indicators in the second half of this week.

related: Bitcoin price may get rid of the $530 million GBTC unlock in July-analysis

These show that, among other things, the number of new Bitcoin network entities has set a record, now exceeding 50,000 per day.

As far as whales are concerned, they are also keen to obtain supply, and this theory is supported by the popular statistician Willy Woo.

“As prices are sideways bearish, tokens are being snatched from exchanges at a very bullish rate,” he said tell Twitter followers on Thursday, and the exchange’s net traffic chart.

“PS. The latest scale of withdrawals and deposits is at a local high, indicating that the bottom is bottomed and the whales are fishing.”

Bitcoin exchange net flow and BTC/USD chart.Source: Willy Woo/Twitter