Bitcoin price passes $32K with traders wary of 'relief rally' if resistance stays

Bitcoin price passes $32K with traders wary of 'relief rally' if resistance stays


Bitcoin (BTC) passed $32,000 later on July 16 as positive reactions over Bank of America’s (BoA) Bitcoin futures go-ahead continued.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBitcoin nears $32,300 point of interest 

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD rising 1.4% on the day to hit new local highs of $32,150 on Bitstamp.

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The pair saw an abrupt reversal of trajectory on the BoA announcement, having previously tested $31,000 support repeatedly throughout the day.

As such, a key zone to retake for potential bullish continuation, $32,300, was now back on the menu, this seeming an unlikely goal just hours before.

For trader and analyst Rekt Capital, current levels are key when it comes to the daily close.

“BTC needs to reclaim orange as support if BTC is to maintain the upper half of this blue wedging structure,” he said alongside an explanatory chart.

“If BTC can’t reclaim orange as support, today’s recovery could merely be a relief rally to confirm orange as resistance.”BTC/USD 1-day candle

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