Bitcoin price rallies 5.5%

21 Jul 2021

BTC/USD stayed at its 2021 opening price on Wednesday thanks to record bids.

According to data from Cointelegraph Markets Pro and TradingView, Bitcoin sidestepped moving under the $29,000 mark within the last 24 hours.

However, after the world’s largest cryptocurrency by market cap broke through $30,000 support, concerns grew that Bitcoin would surpass May’s lows and move towards $24,000 or lower.

Yet these fears were unfounded thanks to the "biggest bid ever" as reported by Cointelegraph.

As such, BTC/USD moved back over $30,000 on Wednesday at the time of writing. Indeed, bulls drove the market 5.5% higher to a local top of $30,900.

Cointelegraph analyst Michaël van de Poppe said the fact that BTC hadn’t equalled its May levels could result in a retest. He stated. "Bitcoin is still acting inside this range of wicks," he said ahead of the rebound.

"Didn't take liquidity fully as there are still some wicks to take the liquidity from. However, the daily candle on Ethereum is interesting, as that one is in support. Let's see whether we lose this and reach $26K next."

In regard to altcoins, Bitcoin’s relief rally was welcomed, as Ether gained close to 6% in a matter of hours.

The largest altcoin, and second largest cryptocurrency after Bitcoin, had previously lost a trend of higher lows which have typified Ether this year.

Meanwhile, gains of as much as 20% were prevalent across the top 50 cryptocurrencies by market capitalisation, highlighting altcoins’ present sensitivity to Bitcoin's movements.

The total cryptocurrency market cap moved back over $1.25 trillion.