Bitcoin (BTC) circled $32,000 on July 22 after excitement over fresh comments by Elon Musk resulted in strengthening of support.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBTC bulls regroup at $32,000
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD ranging between $31,500 and $32,000 overnight on Wednesday, hours after Musk joined others in praising Bitcoin during a conference panel.
As Cointelegraph reported, Musk’s words came over broadly positive and less critical than many had assumed they would be — this in turn led to a brief price surge which topped out above $32,800.
Thereafter, familiar resistance kicked in and $32,400 once more became the level to flip, a feat which Bitcoin has yet to achieve.
Nonetheless, previous gains from below $30,000 remained intact, and there was equally little evidence of a major retracement about to kick in on Thursday.
“If we look at the price action of Bitcoin, we can clearly see and state that we’re holding above $31K,” Cointelegraph contributor Michaël van de Poppe