The price of bitcoin (BTC) hit $21,000 for the first time in days on July 15, as markets enjoyed what one trader called “summer relief.”.
Altcoin rebound looms as BTC price surges 11%
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD rose overnight to touch the $21,000 mark on Bitstamp on the day.
There has been a notable change in tactics after initial losses from forty-year highs in the US Consumer Price Index (CPI). Against the lows of July 13, the BTC/USD pair rose 11%.
“It’s time for some summer relief”, summarized Cointelegraph contributor Michaël van de Poppe.
the popular trader Crypto Tony was also modestly bullish in the short term. His attention was focused on a move to $21,700 for profit taking..
Stuck hovering around the EQ currently of the range. I am still in my long and looking for a flip so we can push up to my final range target of $21,700
Invalidation point now $19,600 pic.twitter.com/Q8e0oy4UuV
— Crypto Tony (@CryptoTony__) July 15, 2022
BTC/USD pair update. I’m stuck. I am still long and looking for a turnaround so we can get to my ultimate range target of $21,700. The invalidation point is now 19,600. pic.twitter.com/Q8e0oy4UuV
“If we get this, altcoins can continue to enjoy a nice pump and relief rally,” he added. in another tweet.
Many of the major altcoins had responded well to the rally in BTC price action. Ether (ETH) bounced sharply to capture daily gains of over 12%.
Other top ten cryptocurrencies by market capitalization also performed welland only Solana (SOL) managed to outperform ETH in the last 24 hours.
The ETH/USD pair managed to avoid a drop below the psychologically significant $1,000 level..
Whales “wait for the moment to wake up”
Meanwhile, on-chain data suggested that major bitcoin holders were in no mood to act at current prices.
In a twitter thread on July 14, BlockTrends analyst Caue Oliveira highlighted what he described as the “hibernation” that continues between the whales’ purses.
“Whales remain in hibernation, waiting for the right moment to wake up,” observed.
“Institutional movements, or commonly called ‘whale activity,’ can be tracked based on the volume of transactions moved in a short period of time, both denominated in BTC and USD.”
An attached graph showed a distinct lack of high-volume transactions on the network in recent months.and only the Terra LUNA debacle caused a temporary break in the trend.
“Here we have a clear view of low institutional activity, almost non-existent after the month of May, which was briefly awakened during the LUNA debacle, but returned to hibernation”Oliveira added.
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