Bitcoin rebounds to $31.6K but warnings of another BTC price plunge are everywhere
July 21, 2021. Summarized by summa-bot.
Compression ratio: 39.2%. 1 min read.
Bitcoin has not yet convinced the market that the BTC price bottom is in.
Bitcoin (BTC) continued its bounce from its 2021 opening price on July 21, hitting $31,600 in what some fear is just a temporary reprieve from downside.
Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it gained a respectable 7% during Wednesday.
Bulls had successfully defended the largest cryptocurrency against further losses at just above $29,000 — the price at which the market began the year.
As Cointelegraph reported, however, concern is running high over current strength being a "relief rally" — not a true comeback after a price floor.
The latest spot volatility comes as Bitcoin network fundamentals delight market participants, these showing ever-increasing strength this month.
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