Bitcoin
BTC$61 056.35

-2.51%

Ethereum
ETH$4 009.46

-2.36%

Binance Coin
BNB$479.92

0.88%

Cardano
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-0.21%

Tether
USDT$1.000508

0.02%

Solana
SOL$196.64

-2.45%

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 64% 76 $61 056.35 -2.51% -0.46% $1 150 999 990 859 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 69.6% 57 $4 009.46 -2.36% 4.61% $473 265 084 978 ETH 7 days price change
3 Binance Coin (BNB) BNB Binance Coin predictions 70.8% 60 $479.92 0.88% 1.61% $80 051 754 192 BNB 7 days price change
4 Cardano (ADA) ADA Cardano predictions 91.6% 12 $2.15 -0.21% -2.98% $70 885 007 936 ADA 7 days price change
5 Tether (USDT) USDT Tether predictions 93.2% 1 $1.000508 0.02% 0.14% $69 609 442 841 USDT 7 days price change
6 Solana (SOL) SOL Solana predictions 70.4% 55 $196.64 -2.45% 24.12% $59 155 416 829 SOL 7 days price change
7 XRP (XRP) XRP XRP predictions 72% 51 $1.090791 -0.88% -4.02% $51 208 670 805 XRP 7 days price change
8 Polkadot (DOT) DOT Polkadot predictions 63.2% 79 $44.15 1.47% 0.67% $43 605 026 730 DOT 7 days price change
9 USD Coin (USDC) USDC USD Coin predictions 91.2% 1 $1.000749 0.06% 0.15% $32 424 259 453 USDC 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 74% 56 $0.244474 -0.06% 2.77% $32 221 792 271 DOGE 7 days price change
11 Terra (LUNA) LUNA Terra predictions 70% 65 $43.34 4.27% 17.21% $17 406 378 575 LUNA 7 days price change
12 UniSwap (UNI) UNI UniSwap predictions 74.4% 47 $25.67 -2.97% -0.53% $15 701 933 926 UNI 7 days price change
13 Avalanche (AVAX) AVAX Avalanche predictions 68.8% 65 $66.95 5.30% 19.42% $14 748 224 656 AVAX 7 days price change
14 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 66% 75 $61 042.43 -2.67% -0.50% $13 496 055 788 WBTC 7 days price change
15 Litecoin (LTC) LTC Litecoin predictions 72.8% 57 $193.17 -2.73% 1.45% $13 291 715 544 LTC 7 days price change

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