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Bitcoin price drop to $37K has analysts wary of calling a trend change


27 Jul 2021

#Bitcoin

Bull market optimism returned to the cryptocurrency market on July 26 after Bitcoin (BTC) price rallied above the $40,000 level for the first time in over six weeks. Today’s rally to $40,581 was a continuation of the July 25 breakout which saw BTC price rocket to $48,110 at Binance af a short squeeze resulted in nearly $500 million in shorts being liquidated in just two minutes.

Data from Cointelegraph Markets Pro and TradingView shows that BTC spiked to an intraday high at $40,581 on Monday before pulling back to $37,500 as bulls look to flip this resistance zone back to support in preparation for a further move higher. While the move higher has the mark of a trend change and has prompted some analysts to proclaim the bull market is back on track, on-chain data and the perpetual funding rates do not fully concur with this point of view. Especially when one considers that the current breakout may have only been the result of a massive short squeeze.

According to Élie Le Rest, partner at digital asset management firm ExoAlpha, the recently denied rumor that Amazon would accept cryptocurrency payments have the potential to have a similar effect as the 2020 revelation from PayPal that it would integrate cryptocurrencies. Le Rest said that if the Amazon news turns out to be true, this “could be the catalyst to ignite a bull run in H2 of 2021.”

Caution is warranted against being overly bullish and data from Glassnode suggests that several bearish threats remain valid. When analyzing the directional bias of the futures markets, Glassnode found that “perpetual funding rates have continued to trade negative,” which “indicates the net bias remains short Bitcoin.” Bitcoin’s recovery above $40,000 also helped spark strong rallies in most altcoins.


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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 72.4% 54 $28 074.88 1.42% 6.75% $542 595 098 494 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 78.4% 39 $1 789.03 1.69% 3.73% $218 931 127 624 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 94.4% 1 $1.000964 -0.12% -0.14% $78 561 748 618 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 72% 51 $322.80 -1.05% -3.47% $50 967 622 478 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 93.2% 2 $0.999332 0.02% -0.05% $34 397 234 540 USDC 7 days price change
6 XRP (XRP) XRP XRP predictions 88% 21 $0.428007 -3.02% 15.55% $21 807 340 661 XRP 7 days price change
7 HEX (HEX) HEX HEX predictions 62% 82 $0.099118 -21.02% 13.72% $17 188 210 128 HEX 7 days price change
8 Cardano (ADA) ADA Cardano predictions 77.2% 44 $0.362034 -3.18% 7.81% $12 570 250 725 ADA 7 days price change
9 Lido stETH (STETH) STETH Lido stETH predictions 95.2% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 74.4% 51 $0.075197 -3.32% 0.49% $9 976 470 500 DOGE 7 days price change
11 Polygon (MATIC) MATIC Polygon predictions 77.6% 48 $1.11 -0.93% -6.66% $9 736 000 748 MATIC 7 days price change
12 Solana (SOL) SOL Solana predictions 72.8% 52 $21.64 -0.41% 7.14% $8 304 203 236 SOL 7 days price change
13 Binance USD (BUSD) BUSD Binance USD predictions 96% 1 $0.999552 -0.04% -0.16% $8 060 405 263 BUSD 7 days price change
14 Polkadot (DOT) DOT Polkadot predictions 76.4% 49 $6.15 -0.66% -3.23% $7 188 099 699 DOT 7 days price change
15 Litecoin (LTC) LTC Litecoin predictions 71.2% 59 $91.84 1.13% 11.76% $6 663 269 575 LTC 7 days price change

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