Bitcoin (BTC) bulls could celebrate a modest victory on Wednesday after record bids kept BTC/USD its 2021 opening price.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
$31,000 back in play for BTC
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 Michael 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.
BTC/USD scenario with support and resistance zones. Source: Michael van de Poppe/Twitter
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.
BTC/USD buy and sell levels (Binance) as of July 21. Source: Material Indicators/Twitter
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.