The price of Bitcoin (BTC) orbited $ 32,000 on July 22 after excitement about new comments from Elon Musk, support increased.
BTC’s bullish momentum groups at $ 32,000
Data from Cointelegraph Markets Pro and TradingView® showed that The BTC / USD pair hovered between $ 31,500 and $ 32,000 overnight on Wednesday, hours after Musk joined others to praise Bitcoin during a positive conference panel.
As reported by Cointelegraph, Musk’s words were widely used and less critical than many had assumedand this in turn resulted in a brief price spike that peaked above $ 32,800.
After that, the familiar resistance crept in and $ 32,400 was again the next level to break., an achievement that Bitcoin has yet to accomplish.
However, previous earnings of less than $ 30,000 remained intact, and there was no sign of a major withdrawal on Thursday either.
“If we look at the price movement of Bitcoin, we can clearly see and see that we are holding over $ 31,000.”, He saidÂ Micha del van de Poppe, Cointelegraph employee.
“If that holds and the market allows a higher low, I think we have hit a temporary low and will hit $ 40,000.”
The independent analyst and trader Keith Wareing was neutral before the Musk episode. He argued that since no resistance level was actually cracked, nothing had fundamentally changed in the short-term BTC price outlook.
Elon pump (yay)
Slam refused, literally hit the handle (booo)
But the AT is a lot of shit so it doesn’t mean anything, does it?
Wake me up if we break through and close above $ 42,300 or it’s still Chopsville pic.twitter.com/58V1cO0txq
to???? Keith wareing (@offiziellkeith) July 22, 2021
Therefore, Buy and sell positions among traders also continued their trend from the beginning of the week; the $ 33,000 addition slowly created a resistance zone and reverse support at $ 31,000.
Van de Poppe: Altcoins would boom if Bitcoin went up
Altcoins also cemented profits They were usually between five and ten percent a day.
Dogecoin (DOGE), which started its bullish momentum prior to the release of Musk, was still trading below $ 0.20 at the time of writing, with daily returns of almost a more modest 8%.
Van de Poppe meant that a scenario where Bitcoin rises to the resistance area of $ 40,000 or more would have a much stronger impact on the altcoin markets.
“This would increase altcoins by 80-150%”he predicted.
Ether (ETH), the largest altcoin by market capitalization, hit $ 2,000 againmoving away from support levels after briefly losing its trend from 2021 highs earlier in the week.