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.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView“Short the bounce”?
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.
“It’s still ‘short the bounce’ season,” popular analyst and podcast host Nebraskan Gooner summarized to Twitter followers.
Veteran trader Peter Brandt concurred, suggesting that Bitcoin would need another shock leg down before the genuine return to form kicked in.
l think your chart may be prophetic
— Peter Brandt (@PeterLBrandt) July 20, 2021
The latest spot volatility comes as Bitcoin network fundamentals delight market participants, these showing ever-increasing strength