Bitcoin
BTC$27 827.13

1.19%

Ethereum
ETH$1 767.63

1.39%

Tether
USDT$1.000701

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Bitcoin bulls defend yearly open after BTC price rebounds 5.5% from $29K


21 Jul 2021

#Bitcoin

Bitcoin rebounds after going full circle in 2021 to almost - but not quite - hit its Jan. 1 opening price. Bitcoin (BTC) bulls could celebrate a modest victory on Wednesday after record bids kept BTC/USD its 2021 opening price.

$31,000 back in play for BTC

Data from Cointelegraph Markets Pro and TradingView showed the largest cryptocurrency avoiding a trip lower than $29,000 over the past 24 hours. After breaking through $30,000 support, concerns swiftly mounted that Bitcoin would surpass even its May lows and continue toward $24,000 or lower. These ultimately did not come to pass, thanks to, as Cointelegraph reported, the “biggest bid ever” keeping bears working. With that, BTC/USD was back above $30,000 at the time of writing on Wednesday, but whether or not the bottom is in was a major topic of discussion.

For Cointelegraph analyst Michaël van de Poppe, the fact that Bitcoin had not matched its May levels left the door open for a restest. More broadly, behavior both then and now conformed to a trading pattern that had not yet broken down. “Bitcoin is still acting inside this range of wicks,” he summarized before the rebound. “Didn’t take liquidity fully as there are still some wicks to take the liquidity from. However, the daily candle on Ethereum is interesting, as that one is in support. Let’s see whether we lose this and reach $26K next.” He added that Bitcoin was “insanely cheap” at sub-$30,000 levels.

Fellow trader Crypto Ed shared his sense of foreboding, arguing that it was not yet time for a true recovery. Orderbook data showed resistance building at $31,000 on the day, placing a hurdle in the way of bulls who had propelled the market 5.5% higher to a local top of $30,900. Support at $29,000 and under, despite its prior test, remained in place.

Altcoins stage strong comeback

Altcoins welcomed the relief rally in Bitcoin, while van de Poppe’s curiosity over Ether (ETH) was well-founded, as it gained nearly 6% in hours. Previously, the largest altcoin had lost a trend of higher lows that had characterized it throughout 2021.

Gains of up to 20%, meanwhile, featured across the top 50 cryptocurrencies by market capitalization, underscoring altcoins’ current sensitivity to Bitcoin’s movements. The total cryptocurrency market cap returned above $1.25 trillion.


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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 70.8% 61 $27 827.13 1.19% -1.41% $537 868 680 168 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 78.8% 45 $1 767.63 1.39% -2.96% $216 311 335 394 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 93.6% 1 $1.000701 -0.02% -0.23% $79 077 698 544 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 69.6% 55 $327.72 1.73% -3.47% $51 743 768 515 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 95.2% 2 $0.999827 0% -0.02% $33 886 286 193 USDC 7 days price change
6 XRP (XRP) XRP XRP predictions 83.6% 31 $0.446577 -3.04% 13.10% $22 753 511 437 XRP 7 days price change
7 HEX (HEX) HEX HEX predictions 64% 82 $0.084139 -6.16% -3.23% $14 590 702 808 HEX 7 days price change
8 Cardano (ADA) ADA Cardano predictions 78.8% 39 $0.355862 0.71% 1.72% $12 359 438 439 ADA 7 days price change
9 Lido stETH (STETH) STETH Lido stETH predictions 96% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
10 Polygon (MATIC) MATIC Polygon predictions 74.8% 45 $1.095244 0.67% -9.12% $9 945 329 040 MATIC 7 days price change
11 Dogecoin (DOGE) DOGE Dogecoin predictions 75.6% 42 $0.074422 0.07% -2.38% $9 873 616 140 DOGE 7 days price change
12 Solana (SOL) SOL Solana predictions 76.4% 46 $20.94 1.78% -5.87% $8 037 086 883 SOL 7 days price change
13 Binance USD (BUSD) BUSD Binance USD predictions 93.6% 1 $0.999684 -0.01% -0.10% $8 021 813 679 BUSD 7 days price change
14 Polkadot (DOT) DOT Polkadot predictions 80% 39 $6.02 1.08% -8.38% $7 046 355 080 DOT 7 days price change
15 Litecoin (LTC) LTC Litecoin predictions 70.8% 57 $93.32 1.91% 8.83% $6 772 424 245 LTC 7 days price change

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