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Bitcoin has been range-bound since a massive sell-off hit the crypto market through April and May of this year. That retracement wiped out about $1 trillion from the combined market cap of cryptocurrencies and saw BNB, XRP, and DOGE shed approximately 50% off their recent peaks.
However, that bearish trend reversed this past week after BTC bulls managed to flip the $30K resistance into support. Although the world’s first crypto started the week on a muted note that saw it dip below $30K, it has since gained significant upward momentum. The price added over 7% from its July 21 weekly low of $29 290 and peaked well above $34K this weekend.
The bounce came as Twitter CEO Jack Dorsey revealed to investors that BTC would be a big part of the company’s investment strategy shortly.
“If the internet has a native currency, a global currency, we can move so much faster with products such as Super Follows, Commerce, Subscriptions, Tip Jar, and we can reach every single person on the planet.”
The billionaire investor and fierce bitcoin bull made those bullish remarks during Twitter’s second-quarter earnings call held this past Thursday.
Bitcoin Bulls Remain Strong
Pankaj Balani, the CEO of Singapore-based Delta Exchange, was among the many analysts impressed by bitcoin’s show of strength this past week. However, the flagship crypto has ensured a flurry of negative news flow that has sparked intense selling pressure in recent months.
Still, the bulls have managed to survive the weak sentiment and hold the $30K support, despite constant efforts by bears to drag the price further to the downside. Balani now predicts a healthy bounce that could drive BTC prices towards the upper end of the $30-$40K range.
Earlier in the week, an online discussion between top names in the financial world gripped the crypto community. Digital asset prices across the board shot up after Elon Musk confirmed that he owns huge BTC, ETH, and DOGE stashes.
The SpaceX and Tesla CEO also hinted that his electric carmaker could soon accept BTC payments for its automobiles. Following the comments from Musk, the bulls garnered enough strength to propel the crypto market higher over the weekend.
In his latest Twitter update, crypto analyst Michaël van de Poppe hailed the ability for bulls to break past the stubborn resistance at $32.5-$32.7K. He now expects BTC prices to climb towards $36K in the coming week.
ETH price is up 25% in Four Days
ETH also recovered from the recent market bloodbath and has logged a weekly close above $2K. The world’s second-largest cryptocurrency rose from a low of $1,717 seen on Wednesday to hit highs of $2,135 during press time.
The remarkable ETH performance impressed analyst Rekt Capital, who tweeted that the bitcoin rival has so far confirmed a breakout.