{"id":6246,"date":"2021-07-16T15:02:55","date_gmt":"2021-07-16T14:02:55","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=6246"},"modified":"2021-07-16T15:03:02","modified_gmt":"2021-07-16T14:03:02","slug":"bitcoin-recovers-from-a-31k-low-as-bank-of-america-approves-btc-futures-trading","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/bitcoin-recovers-from-a-31k-low-as-bank-of-america-approves-btc-futures-trading\/","title":{"rendered":"Bitcoin recovers from a $31K low as Bank of America approves BTC futures trading"},"content":{"rendered":"\n
Fresh data underscored the importance of current market levels as Bitcoin <\/a>(BTC) bounced off $31,000 support on July 16.<\/h5>\n\n\n\n
\"Bitcoin<\/figure>\n\n\n\n

There has been no movement on the Bitcoin\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> markets as sideways trade has continued and a strong bear trend has yet to establish itself convincingly.<\/p>\n\n\n\n

Is there no trip to $42,000?<\/h2>\n\n\n\n

According to data from Cointelegraph Markets Pro and TradingView, the bitcoin to dollar exchange rate has been continuously testing but has not yet broken beyond $31,000 on Friday.<\/p>\n\n\n\n

Unconfirmed rumours that Bank of America had granted the green light for Bitcoin futures trading prompted a late jump to near $32,000 in the price of bitcoin<\/a>.<\/p>\n\n\n\n

In terms of the short-term perspective, market participants were divided, with popular trader Michael van de Poppe observing on Thursday that $31,000 represented something of a final frontier for Bitcoin \u2014 lose it and $29,000 or perhaps $24,000 would logically be the next levels to be reached.<\/p>\n\n\n\n

\"Bitcoin
BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em>
<\/figcaption><\/figure>\n\n\n\n

Crypto Ed, a fellow trader, appeared to be indecisive on the day as well. At the beginning of the week, he had predicted that Bitcoin will perform a surprise rebound and reach its range highs of $42,000 before reverting downwards once more to threaten the $30,000 support level.<\/p>\n\n\n\n

“BTC making new lows is invalidating the idea of continuation of that bounce,” he wrote in an update. Even a comedown for the U.S. dollar currency index (DXY), traditionally inversely correlated with BTC, is unlikely to help bulls significantly, he added.<\/p>\n\n\n\n

Update on this \u2b06\ufe0f
BTC making new lows is invalidating the idea of continuation of that bounce.
I still think DXY should see a pull back but it's doubtfull that such will move BTC to 42k.
Maybe there's no hidden play in the charts and BTC is just terribly weak and I was crazy pic.<\/p>

Twitter.com\/3nr65V9y4Z<\/p>\u2014 Crypto_Ed_NL (@Crypto_Ed_NL) July 16, 2021<\/cite><\/blockquote>\n\n\n\n

Moreover, additional data revealed that there has been a significant amount of on-chain activity at the present pricing levels.<\/p>\n\n\n\n

On-chain monitoring service Glassnode said that 9.93 percent of the Bitcoin supply traded between $31,000 and $34,300, a price range that was clearly of interest to both buyers and sellers.<\/p>\n\n\n\n

“This is now convincingly the largest realised volume cluster since $12k,” the firm stated.<\/p>\n\n\n\n

A few weeks ago, Cointelegraph pointed out that the amount of $30,000 represents a significant threshold in the eyes of both small and major traders, with their behaviour shifting from a “sell” mentality to a “buy” mentality in recent weeks.<\/p>\n\n\n\n

Altcoins <\/a>suffer as a result of mediocre sentiment<\/h2>\n\n\n\n

Meanwhile, a study at alternative cryptocurrencies revealed a general lack of bullish mood throughout cryptocurrency markets as the week came to a conclusion.<\/p>\n\n\n\n

Most of the top fifty tokens by market capitalization suffered worse losses than BTC\/USD<\/a>, with some losing as much as 12 percent as a result of a lack of price triggers.<\/p>\n\n\n\n

Ether (ETH), the most valuable altcoin, was on its way to a critical support zone of its own, around $1,800, when this article was written. Van de Poppe stated in a YouTube post on Thursday that the beginning of a new accumulation period was now “very likely,” This was prior to volatility returning to the market.<\/p>\n\n\n\n

Altcoins' difficulties were exacerbated by Bitcoin's increasing dominance, which reached 46 percent on the day in question.<\/p>\n","protected":false},"excerpt":{"rendered":"

Fresh data underscored the importance of current market levels as Bitcoin (BTC) bounced off $31,000 support on July 16. There has been no movement on the Bitcoin markets as sideways trade has continued and a strong bear trend has yet to establish itself convincingly. Is there no trip to $42,000? According to data from Cointelegraph […]<\/p>\n","protected":false},"author":13,"featured_media":6252,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83,81,76,3,25,71],"tags":[1546,152,132],"class_list":["post-6246","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","category-altcoin-news","category-bitcoin-price","category-breaking","category-market-analysis","category-markets","tag-bank-of-america","tag-bitcoin","tag-crypto"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/07\/image-163.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/6246","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=6246"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/6246\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/6252"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=6246"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=6246"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=6246"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}