Bitcoin (BTC) came back to life later on July 9 after a whale-induced price dip failed to hold the market down for much more than 24 hours.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBitcoin price action returns $33,000 support
The previous day had been marked by a trip lower and a test of $32,000 support, something which had come on the back of sudden short selling by an entity on Bitfinex.
With $33,000 support now back in play, however, traders were once again hopeful that existing short-term theories could still play out.
“Bitcoin is still holding a critical level of support and potentially making a new higher low here,” Michaël van de Poppe summarized in his latest update.
Van de Poppe had eyed a potential run to as high as $39,000 should Bitcoin break through the start of a resistance band at $35,500.