Bitcoin (BTC) bulls could celebrate a modest victory on July 21 after record bids kept BTC/USD its 2021 opening price.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView$31,000 back in play for BTC
After breaking through $30,000 support, concerns swiftly mounted that Bitcoin would surpass even its May lows and continue towards $24,000 or lower.
These ultimately did not come to pass, thanks to, as Cointelegraph reported, the “biggest bid ever” keeping bears working.
With that, BTC/USD was back above $30,000 at the time of writing on Wednesday, but whether or not the bottom is in was a major topic of discussion.
For Cointelegraph analyst Michaël van de Poppe, the fact that Bitcoin had not matched its May levels left the door open for a restest. More broadly, behavior both then and now conformed to a trading pattern which had not yet broken down.