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3 reasons why traders think Bitcoin price bottomed at $29,500

July 22, 2021. Summarized by summa-bot.

Compression ratio: 20.5%. 1 min read.

Bitcoin’s bounce above $32,000 boosted the mood among traders who believe the bottom is in, but some analysts caution that heavy resistance blocks the road to new highs.

According to a recent report from Delphi Digital, an aggressive reversal was observed in the CME futures basis on July 21, and this is a bullish sign for BTC traders who scooped up 'cheap' futures contracts.

Overall, #BTC has a cluster of potentially new resistances aheadThe red $32200 Weekly level it lost as support last weekThe recently lost blue 50 week EMA ($33700)And the black 2021 Higher Low (~$34800)All old supportsAll possibly new resistances$BTC #Crypto #Bitcoin pic. twitter. com/rYGSjoPAlY— Rekt Capital (@rektcapital) July 22, 2021

A little bull hopium for you, inspired by a post from @MrBenLilly Exchange inflows spiked 3 times since 2017, and each spike corresponded with a major bottom in price. And now, the 4th spike just completed. . . #bitcoin #BTC pic. twitter. com/FEys8uZ59G— IzzyEibani (@IzzyEibani) July 22, 2021

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