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Ethereum
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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 78.4% 46 $36 410.71 -3.15% -13.21% $689 659 775 515 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 69.6% 57 $2 430.21 -2.30% -22.34% $289 997 581 822 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 95.2% 1 $1.000622 0% 0.03% $78 240 790 130 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 66.4% 65 $369.92 -3.66% -21.88% $61 080 201 883 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 94.4% 1 $0.999811 -0.05% -0.08% $49 085 018 067 USDC 7 days price change
6 Cardano (ADA) ADA Cardano predictions 67.6% 63 $1.057017 0.48% -21.77% $35 466 180 547 ADA 7 days price change
7 XRP (XRP) XRP XRP predictions 76.4% 49 $0.606465 -2.74% -18.52% $28 950 772 806 XRP 7 days price change
8 Solana (SOL) SOL Solana predictions 68% 63 $89.77 -6.58% -34.53% $28 274 902 670 SOL 7 days price change
9 Terra (LUNA) LUNA Terra predictions 65.2% 68 $59.41 -6.29% -28.16% $23 858 145 307 LUNA 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 66% 64 $0.141252 -2.70% -14.09% $18 739 956 152 DOGE 7 days price change
11 Polkadot (DOT) DOT Polkadot predictions 69.2% 69 $17.72 -5.62% -27.64% $17 502 509 817 DOT 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 68.4% 68 $64.05 -5.88% -24.48% $15 682 327 555 AVAX 7 days price change
13 Binance USD (BUSD) BUSD Binance USD predictions 96% 1 $1.000554 -0.01% 0.02% $14 549 407 961 BUSD 7 days price change
14 Polygon (MATIC) MATIC Polygon predictions 66.4% 72 $1.57 -2.05% -24.41% $11 682 467 913 MATIC 7 days price change
15 SHIBA INU (SHIB) SHIB SHIBA INU predictions 66.4% 70 $0.000021 -4.07% -25.75% $11 318 924 897 SHIB 7 days price change

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