Bitcoin bulls defend yearly open after BTC price rebounds 5.5% from $29K
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.
Top Cryptocurrencies with Price Predictions
| # | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
| 1 |  BTC |
Bitcoin predictions | 70.8% | 61 | $27 827.13 | 1.19% | -1.41% | $537 868 680 168 |  |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 78.8% | 45 | $1 767.63 | 1.39% | -2.96% | $216 311 335 394 |  |
|
| 3 |  USDT |
Tether predictions | 93.6% | 1 | $1.000701 | -0.02% | -0.23% | $79 077 698 544 |  |
|
| 4 |  BNB |
Binance Coin predictions | 69.6% | 55 | $327.72 | 1.73% | -3.47% | $51 743 768 515 |  |
|
| 5 |  USDC |
USD Coin predictions | 95.2% | 2 | $0.999827 | 0% | -0.02% | $33 886 286 193 |  |
|
| 6 |  XRP |
XRP predictions | 83.6% | 31 | $0.446577 | -3.04% | 13.10% | $22 753 511 437 |  |
|
| 7 |  HEX |
HEX predictions | 64% | 82 | $0.084139 | -6.16% | -3.23% | $14 590 702 808 |  |
|
| 8 |  ADA |
Cardano predictions | 78.8% | 39 | $0.355862 | 0.71% | 1.72% | $12 359 438 439 |  |
|
| 9 |  STETH |
Lido stETH predictions | 96% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 |  |
|
| 10 |  MATIC |
Polygon predictions | 74.8% | 45 | $1.095244 | 0.67% | -9.12% | $9 945 329 040 |  |
|
| 11 |  DOGE |
Dogecoin predictions | 75.6% | 42 | $0.074422 | 0.07% | -2.38% | $9 873 616 140 |  |
|
| 12 |  SOL |
Solana predictions | 76.4% | 46 | $20.94 | 1.78% | -5.87% | $8 037 086 883 |  |
|
| 13 |  BUSD |
Binance USD predictions | 93.6% | 1 | $0.999684 | -0.01% | -0.10% | $8 021 813 679 |  |
|
| 14 |  DOT |
Polkadot predictions | 80% | 39 | $6.02 | 1.08% | -8.38% | $7 046 355 080 |  |
|
| 15 |  LTC |
Litecoin predictions | 70.8% | 57 | $93.32 | 1.91% | 8.83% | $6 772 424 245 |  |
