“Short the bounce”?
Bulls had successfully defended the largest cryptocurrency against further losses at just above $29,000 — the price at which the market began the year.
As Cointelegraph reported, however, concern is running high over current strength being a “relief rally” — not a true comeback after a price floor.
“It’s still ‘short the bounce’ season,” popular analyst and podcast host Nebraskan Gooner summarized to Twitter followers.
Veteran trader Peter Brandt concurred, suggesting that Bitcoin would need another shock leg down before the genuine return to form kicked in.
l think your chart may be prophetic
— Peter Brandt (@PeterLBrandt) July 20, 2021
The latest spot volatility comes as Bitcoin network fundamentals delight market participants, these showing ever-increasing strength this month.
Hash rate was nearing 100 exahashes per second (EH/s) at the time of writing, edging closer to all-time highs of 168 EH/s from before the infamous China mining rout.
Bitcoin estimated hash rate chart. Source: Blockchain
Dogecoin shines ahead of Musk conference date
In altcoins, a welcome reversal of fortunes was still in play — many of the top fifty cryptocurrencies by market cap saw daily gains of nearly 10%.
Crypto players more broadly will be watching for cues from the event, which features Musk in discussion with ARK CEO Cathie Wood and Jack Dorsey, CEO of Twitter and payment company Square.
The post Bitcoin rebounds to $31.6K but warnings of another BTC price plunge are everywhere appeared first on Crypto Breaking News.