Bitcoin is again trading above $20K, ETH rises above the $1,100 mark; support level confirmed after a whale bought BTC
On July 4, as the country celebrated its independence, Bitcoin (BTC) surpassed $20,000 for the first time in five days.
Data from TradingView and Cointelegraph Markets Pro showed that BTC/USD surged to $20,085 on the day, marking its biggest day since June 30.
The pair had been trading at approximately $19,000 for the whole of the long weekend, but bulls ultimately overcame the lack of Wall Street trading.
Not going to zero just yet 😅#BTC pic.twitter.com/8KuliZn0QC
— Material Scientist (@Mtrl_Scientist) July 4, 2022
Despite possibly increased volatility due to smaller weekend order books compared to underlying volumes, Bitcoin was still up 3% on the day as of the time of writing.
Since breaching below $20,000, Bitcoin has successfully established bullish divergence on the daily time frame, according to well-known analyst Matthew Hyland.
a source for on-chain analytics In the meantime, Whalemap verified that whales had once again supported the market by purchasing coins at $19,200.
Whales, according to Cointelegraph, had shown a keen interest in prices directly below $20,000, ostensibly not waiting for the much-anticipated levels of $16,000 and below to materialize.
— whalemap (@whale_map) July 4, 2022
Michael van de Poppe, a contributor to Cointelegraph, continued, “Flipping $19.5K is a trigger for Bitcoin.”
In the meantime, altcoins profited from Bitcoin’s price increase, with Ether (ETH) increasing over 6% to surpass $1,100.
Others among the top ten cryptocurrencies by market cap generally experienced daily increases of about 5%.
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