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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.

Related: Bitcoin bull outlines 7 steps to more fiscal stimulus and higher BTC prices

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by summa-bot

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