Bitcoin Jumped to $31.6K. Should We Expect For a New Drop?
Bitcoin (BTC) hit $31,600 on Wednesday, after plummeting below $30,000. Some experts fear that such growth will not last long and a new dive is possible.
BTC/USD added 7% on Wednesday, July 21, according to TradingView.
The bulls successfully protected the largest cryptocurrency from further losses at the support level above $29,000. But experts fear that it is too early to celebrate the increase in the Bitcoin exchange rate, since a new recession is possible soon.
Popular analyst and podcast host Nebraskan Gooner told Twitter followers that the bounce season is not over yet. This looks like warning that it is too early to relax.
His words were confirmed by trader Peter Brandt, saying that Bitcoin will need another push before it begins to return to form.
The fundamentals of the Bitcoin network are showing an ever-growing strength this month. The hash rate was approaching 100 EH/s at the time of writing.
Meanwhile, despite the fall in prices, the difficulty was still increasing with the next adjustment.
Amid the changes that Bitcoin is undergoing, many of the 50 largest cryptocurrencies by market cap have seen daily gains of nearly 10%. Among them, Dogecoin (DOGE) became the best, showing 14% profit.