Bitcoin Breaks Out of Range to Trade Above $30,000 on July 21

Bitcoin has lost about half of its all-time high value, reached earlier this year, of around $65,000. On the other hand, the bitcoin price is up over 7%, and it broke the USD 32,000 resistance.

At the time of writing, BTC was trading at $32,187.71, and the price might accelerate higher. However, the following key resistance is near USD 33,000, above which the price might continue to rise.

Bitcoin has failed to exhibit any significant price movements in either direction in the world’s first truly digitized digital currency despite the recent unlockings at the Grayscale Bitcoin Trust ($GBTC), the cryptocurrency.

BTC prices went below the significant support wave instrumental in ensuring its strong optimistic bias is intact after March 2020’s crypto market crash.

Covid-19 Concerns

Recently Bitcoin tumbled under $30,000 following a global risk-off move on Monday as Covid-19 concerns revived. The occurrence happened for the first time since June 22.

The plunge also happened after the news that the New Jersey attorney general issued a cease-and-desist letter to crypto lending firm BlockFi, ordering it to halt offering interest-bearing accounts.

BTC/USD had been stuck in a bottleneck for a while but had recently taken a slight negative bias.

The level sits on the 50% Fibonacci level from $16,225 to 42,000 surge seen at the third trimester of 2020. Thus, continued support is expected from the above.

What Next For Bitcoin

The falling Bitcoin price has persisted, and the $30,000 support was broken late Sunday night. However, most cryptocurrencies recovered Wednesday after a savage sell-off, with the world’s most significant digital coin climbing beyond $30,000.

The next Daily Dive will target potential influencers at play and possible scenarios for the bitcoin market. At the same time, this letter will note the latest trends around bitcoin miners in particular.

Most significant altcoins are showing signs of life. Ethereum rose above the USD 1,800 and USD 1,850 resistance levels. XRP also shot above USD 0.550, and it could potentially test USD 0.565.

A couple of altcoins recovered above 10%, like RUNE, MATIC, FTT, QNT, AXS, TEL, DASH, ICP, THETA, XEM, TFUEL, COMP, SOL, KSM, and DCR. For example, MATIC gained about 30%, surpassing USD 0.835.

Regulators’ Crackdown

The latest fall of Bitcoin came after warnings that continuing global crackdowns on cryptocurrency mining operations and trading worldwide could continue to plague the market with greater levels of instability.

In China, authorities decided to eliminate crypto mining, which validates transactions and produces new coins. In addition, there is a growing crackdown on the industry from regulators globally.

Bitcoin live price
price change

Binance, the world’s largest crypto exchange, faces significant pressure from regulators in the U.K., Italy, and other areas.

Stay up to date with our latest articles