Bitcoin price “in search of a higher low”

27 Jul 2021

Bitcoin remained steady in trading on Tuesday following a surge above $40,000 leading to higher levels holding.

According to data from Cointelegraph Markets Pro and TradingView, BTC/USD stood around the $37,000 mark, approximately 8.8% under the highs of Monday’s gains.

The first time the Bitcoin price moved above $40,000 in six weeks, it’s now attempting to consolidate and provide support at a higher low, says Cointelegraph contributor Michaël van de Poppe.

He said on Twitter on Tuesday: "Bitcoin rejects at the range high, which isn't strange.

"The market has made a new higher high and is in search of a higher low. The levels that I'm watching are $34,500-35,800 and the area around $32,500,” he added.

Data on the Binance exchange reiterated the significance of the price points. Buyer support was considerably in evidence only under $36,000, whilst sellers were clustered at $40,000 and higher.

The level straight after $40,000 is still a key stumbling block for Bitcoin bulls to surpass. Crypto trader, Pentoshi stated: "Did people really expect 45-48k in one day?

"You broke the downtrend on high volume, you broke back into the range and made a HH on the daily. You teleported to resistance, it could take 2 or 3x to break it but that's coming in the next weeks imo. Dips are for buying." 

Such a scenario would put BTC/USD on course to hit $47,000 next month, the Cointelegraph report goes on to say.

However, Bitcoin’s drop from local highs led to Ether – the largest altcoin by market cap – falling 11%.