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

The price of Bitcoin passed $32,000 for the first time in history on Friday, as the digital currency continued to climb in the wake of the SEC’s decision to reject a proposed Bitcoin ETF.

Bitcoin’s price has been on a tear this year, and just yesterday the cryptocurrency traded at a record high of $32,939.58. One of the main reasons is that the price of gold—which is traditionally used as a safe haven asset during times of market turmoil—has been on a brutal downturn. After hitting a record high of $1,918.70 an ounce in January, the price has fallen about 35% to $1,232.69 in June. But bitcoin has largely been immune to these market worries. The price of the flagship cryptocurrency has been on a tear all year, reaching a new all-time high of $3,678.16 last week, after bottoming out at $1,022

Bitcoin (BTC) then broke the $32,000 mark against the euro on July 16, amid positive reactions to the Bank of America (BoA) approval of bitcoin futures contracts.

1-hour candlestick chart of BTC/USD (Bitstamp). Source: TradingView

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

Bitcoin nearing $32,300

Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD gained 1.4% on the day, reaching new local highs at $32.150 on Bitstamp.

The pair changed course dramatically following the BoA announcement, after repeatedly testing support at $31,000 earlier in the day.

This puts another key area on the menu for a potential bullish continuation – $32,300, which seemed an unlikely target just a few hours ago.

For trader and analyst Rekt Capital, current levels are crucial when it comes to closing out the day.

BTC needs to return to orange support if it wants to maintain the upper half of this blue slanted structure, he said, accompanied by an explanatory chart.

If BTC does not turn back to orange support, today’s rally could just be a rally to confirm orange support.1-day candlestick chart of BTC/USD with oblique structure. Source: Rekt Capital/Twitter

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

According to Cointelegraph, there remains a crucial breakout to the downside of $31,000, a failure to hold this would open the door to $24,000.

Altcoins suffer daily losses

The recent bitcoin movement had an immediate effect on altcoins.

While daily losses for major cryptocurrencies were usually 5% on Friday, they were quickly erased this Friday, with some altcoins even starting to post gains.

Ether (ETH), the largest altcoin, was trading at $1,923 at the time of writing, after stepping out of the $1,800 support zone and towards the $2,000 mark.

ETH/USD (Bitstamp) 1-hour candlestick chart. Source: TradingView

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

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