Bitcoin (BTC) rallied back to $20,000 for the first time in five days today, July 4, after an unexpected boost to America’s Independence Day.
Back to $20,000
According to data from Cointelegraph Markets Pro and TradingView, BTC/USD has jumped to an intraday high of $20,085, its best since June 30.
Over the weekend, the market-leading cryptocurrency was still hovering around $19,000, with the lack of activity in the US stock market due to today’s holiday seemingly not stopping bitcoin’s price from pushing above the psychological mark on Monday.
On the contrary, the thinned-out order books have probably favored the volatility, which in this case gave Bitcoin a significant plus of 3%.
— Materials Scientist (@Mtrl_Scientist) July 4, 2022
“Bitcoin has managed a positive divergence on the daily chart for the first time since falling below $20,000,” notes crypto analyst Matthew Hyland.
The analysis service Whalemap meanwhile confirms that the large investors or whales bought more at 19,200 US dollars and thus provided the necessary boost.
— whalemap (@whale_map) July 4, 2022
As Cointelegraph reported, whales have recently signaled an interest in taking Bitcoin’s low prices as a buying opportunity. They apparently don’t want to wait any longer until BTC slips to the much-cited low of $16,000.
“Breaking the $19,500 mark is an important trigger for Bitcoin,” Cointelegraph expert Michael van de Poppe sums up.
For their part, the altcoins have used the market leader’s upswing to soar up in the slipstream. Ethereum (ETH) was able to gain almost 6% and thus advance to 1,100 US dollars.
Some other top 10 cryptocurrencies were also able to gain an average of 5% on Monday.
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