Bitcoin
BTC$27 033.99

2.37%

Ethereum
ETH$1 674.14

3.44%

Tether
USDT$0.999843

0.06%

Binance Coin
BNB$216.11

1.54%

XRP
XRP$0.509796

2.08%

USD Coin
USDC$1.000021

-0.01%

Bitcoin bounces at key range amid hope BTC price will avoid big nuke


02 Jul 2021

#Bitcoin

A major dip to $20,000 is not expected, one trader says, but lower levels, in general, are still in the cards going into the weekend. Bitcoin (BTC) retained a key support area on Friday as bidders stepped in to avert another test of $30,000.

Bitcoin: “Leg down” vs. “big nuke”

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD bottomed out at local lows of $32,700 overnight. A subsequent rebound took the pair almost $1,000 higher before settling at around $33,300 at the time of writing. As Cointelegraph reported on Thursday, this is above the $33,000 zone, which at least one trading source identified as highly significant for bulls to keep intact.

Going into the weekend, the mood is thus not as gloomy as it once was, this being tempered by expectations that a “leg down” could — or even should — still occur. Popular trader Crypto Ed eyed a potential trip to a local bottom in Bitcoin’s relative strength index (RSI), which would, in turn, produce an oversold price dip followed by a correction.

“When following RSI pattern/trend and that wave pattern, BTC could do 1 more leg down,” he considered. “I’m not expecting a big nuke.... ‘big nuke’ as in a move to 20k or lower.”

Since coming off $64,500 all-time highs, Bitcoin has dipped to a maximum of $28,600, with lower lows and a challenge of the 2017 peak of $20,000 so far absent. Nonetheless, price action remains rangebound, with analyst Rekt Capital seeing a solid downward trend, which nonetheless contains a clear level to reclaim for a breakout.

“BTC is still maintaining this structure and the blue diagonal will still be the trend line to watch for a breakout when the time comes,” he said in comments on an accompanying chart.

Altcoins trend downward

Altcoins, meanwhile, slipped from prior strength, with losses broadly beating Bitcoin’s slight downturn to hit 5% or more. Ether (ETH), the largest altcoin by market capitalization, traded at $2,060 on the day, down 3% — a story matched by various other major cryptocurrencies.

Ethereum Classic (ETC) came off its publicity boost highs from earlier in the week, while publicity from Elon Musk likewise failed to deliver sustained gains to Dogecoin (DOGE), which was down 4% at the time of writing.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 95.6% 2 $27 033.99 2.37% 1.45% $527 135 688 529 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 93.6% 5 $1 674.14 3.44% 4.93% $201 291 736 477 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 96% 1 $0.999843 0.06% 0% $83 263 508 106 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 94.4% 4 $216.11 1.54% 2.33% $33 247 980 400 BNB 7 days price change
5 XRP (XRP) XRP XRP predictions 92% 9 $0.509796 2.08% 0.01% $27 178 454 547 XRP 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 94.8% 1 $1.000021 -0.01% 0.01% $25 530 849 089 USDC 7 days price change
7 Lido stETH (STETH) STETH Lido stETH predictions 92% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
8 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 85.2% 24 $0.088098 4.06% 5.76% $8 957 448 242 WTRX 7 days price change
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10 Dogecoin (DOGE) DOGE Dogecoin predictions 90% 4 $0.061718 1.52% 0.04% $8 714 841 543 DOGE 7 days price change
11 Solana (SOL) SOL Solana predictions 84.8% 20 $20.16 5.17% 2.25% $8 324 940 011 SOL 7 days price change
12 TRON (TRX) TRX TRON predictions 84% 22 $0.088554 4.55% 5.90% $7 888 492 391 TRX 7 days price change
13 Toncoin (TON) TON Toncoin predictions 60.4% 84 $2.22 1.57% -3.82% $7 623 523 317 TON 7 days price change
14 Dai (DAI) DAI Dai predictions 95.2% 1 $0.999716 -0.03% 0.01% $5 346 368 455 DAI 7 days price change
15 Polkadot (DOT) DOT Polkadot predictions 90% 7 $4.09 1.76% 1.74% $5 029 573 668 DOT 7 days price change

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