Bitcoin (BTC) hit $21,000 for the first time in several days on July 15 as the markets enjoyed what one trader called “summer relief.”
BTC price rises 11%, hinting at an altcoin rebound
Data from Cointelegraph Markets Pro and TradingView showed that the BTC/USD pair rose overnight to narrowly break above the $21,000 mark on Bitstamp during the day.
The tone changed after initial losses from the US Consumer Price Index (CPI), which hit a 40-year high. Since the July 13 low, the BTC/USD pair is thus up 11%.
“Summer relief,” abstract Michaël van de Poppe, Cointelegraph contributor.
Renowned Crypto trader Tony was also in a mood of moderate bullishness in the short term, eyeing a move towards $21,700 to take some profits.
Busy hovering around the EQ range at the moment. I’m still long and looking for a flip so we can push up to my final range target of $21,700
Invalidity point now $19,600 pic.twitter.com/Q8e0oy4UuV
— CryptoTony (@CryptoTony__) July 15, 2022
$BTC / $USD – Update: We are currently around the upper quarter of the range. I’m still long and looking for a reversal so we can push to my ultimate goal of $21,700. Point of invalidity at $19,600 pic.twitter.com/Q8e0oy4UuV
— Crypto Tony (@CryptoTony__) July 15, 2022
“If we get that, altcoins can continue to enjoy a nice rally and a relief rally,” he said in a post. another tweet.
Many major altcoins responded well to the rise in BTC price, with ether (ETH) making a significant pullback to cap over 12% of daily gains.
Other cryptocurrencies in the top ten by market capitalization also performed well, with only Solana (SOL) beating ETH in the last 24 hours.
Thus the ETH/USD pair managed to avoid a result below the significant psychological level of $1,000.
Whales ‘waiting for the right moment to wake up’
Meanwhile, data on the chain suggested that the top bitcoin owners were in no mood to act at current prices.
Also Read: Bitcoin Price Rises To $20,000 As Whale Buying Asserts Support
I Twitter feed dating back to July 14, BlockTrends analyst Caue Oliveira noted what he described as a “winter” continuing on the whale wallet side.
“Whales hibernate, waiting for the right moment to wake up,” he said.
“Institutional movements, also known as “whale activity,” can be tracked based on the number of trades moved over a short period of time, both denominated in BTC and USD.”
An accompanying chart showed a clear lack of major trades on the network in the past few months, and the Terra LUNA explosion was only a temporary trend break.
“Here we have a clear view of weak institutional activity, which was almost non-existent after May, which was briefly awakened during the LUNA crash but returned to winter,” Oliveira added.
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