Tuesday 16 August 2022
Home / Binance Coin / Bitcoin price spikes to $20K as whale bought BTC confirms support

Bitcoin price spikes to $20K as whale bought BTC confirms support

Bitcoin (BTC) rose to clip $20,000 for the first time in five days on July 4 as the Independence Day holiday brought some unexpected gains.

BTC/USD 1-hour candle chart. Source: Tradingview.com

$20,000 briefly reappears

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD spiking to $20,085 on the day, its best performance since June 30.

The pair had spent most of the holiday weekend at around $19,000, but the absence of Wall Street trading ultimately proved no obstacle for bulls.

Thinner weekend order books likely exacerbated volatility compared to underlying volumes, but nonetheless, Bitcoin was up 3% on the day at the time of writing.

"Bitcoin has successfully created Bullish Divergence on the Daily Time Frame for the first time since breaking below $20,000," popular analyst Matthew Hyland noted.

On-chain analytics resource Whalemap meanwhile confirmed that whales buying coins at $19,200 had once again provided support for the market.

As Cointelegraph reported, whales had expressed a keen interest in levels immediately below $20,000, conspicuously not choosing to wait until much-vaunted levels at $16,000 and below appeared.

"Flipping $19.5K is a trigger for Bitcoin," Cointelegraph contributor Michael van de Poppe added.

Altcoins meanwhile made the most of Bitcoin's spike, with Ether (ETH) rising almost 6% to pass $1,100.

ETH/USD 1-hour candle chart. Source: Tradingview.com

Others in the top ten cryptocurrencies by market cap broadly saw daily gains of around 5%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

About Sean Patterson

Check Also

How High Can Ethereum Go Before The Merge

The Ethereum “Merge” has become a hot topic among top crypto analysts after the incident that led to the collapse of the Ethereum network in the sale of Otherside by Yuga labs, with nearly $200M lost as gas fees. Related Reading: Proof of Work Vs Proof of Stake – Laneaxis The Ethereum merge, also known as Ethereum 2.0, is the upgrade of the existing execution of the Ethereum layer 1 from proof-of-work (PoW) to proof-of-state (PoS), Beacon chain. 5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now! POW was first used by the early pioneers of the blockchain Bitcoin and Ethereum. It aims to achieve decentralization and security by using miners to decode cryptographic algorithms or puzzle-like maths. As the demand increases for transactions, it becomes slow, gas fees increases, and resources intensify. Proof-of-Stake (POS) is similar to POW, just that users authenticate transactions on the blockchain employing stake and get re..

Leave a Reply

Your email address will not be published. Required fields are marked *