Bitcoin
BTC$16 558.36

0.45%

Ethereum
ETH$1 217.17

0.70%

Tether
USDT$0.999575

0%

Binance Coin
BNB$311.33

-0.46%

USD Coin
USDC$1.000229

0.01%

Binance USD
BUSD$1.000555

0%

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 58.8% 88 $16 558.36 0.45% -0.06% $318 224 628 305 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 58.4% 86 $1 217.17 0.70% 3.57% $148 949 221 820 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 91.2% 1 $0.999575 0% 0.06% $65 334 885 845 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 68% 66 $311.33 -0.46% 15.63% $49 804 216 236 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 93.6% 1 $1.000229 0.01% 0% $44 217 403 592 USDC 7 days price change
6 Binance USD (BUSD) BUSD Binance USD predictions 94.8% 1 $1.000555 0% 0% $22 413 981 060 BUSD 7 days price change
7 XRP (XRP) XRP XRP predictions 63.2% 80 $0.401313 0.03% 7.06% $20 185 552 000 XRP 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 56.4% 92 $0.103231 13.91% 28.21% $13 695 751 843 DOGE 7 days price change
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11 Polygon (MATIC) MATIC Polygon predictions 67.6% 65 $0.860762 1.38% 3.74% $7 518 166 942 MATIC 7 days price change
12 Polkadot (DOT) DOT Polkadot predictions 67.6% 71 $5.41 1.01% -0.54% $6 163 068 674 DOT 7 days price change
13 Dai (DAI) DAI Dai predictions 94% 1 $1.000128 0.03% -0.03% $5 726 764 413 DAI 7 days price change
14 Litecoin (LTC) LTC Litecoin predictions 66.4% 64 $76.50 0.74% 24.01% $5 485 689 704 LTC 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 58.4% 82 $0.053816 2.00% 5.89% $5 471 850 361 WTRX 7 days price change

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