Bitcoin back above $31,000 mark, does this upside rally continue or just a short term trend reversal?; July 21, 2021

Bitcoin takes reversal from the fresh 1 – month low of $29,296 to $31,600 (High till 1030 GMT) mark.

Top 5 Headlines on Digital Currency:

  • Just hours before the highly-anticipated event in which Jack Dorsey and Elon Musk will discuss Bitcoin, the asset’s price has bounced off and reclaimed $31,500 – Marketwatch.
  • The latest reports reveal that Ark Invest has acquired more than 310,000 shares of the Grayscale Bitcoin Trust (GBTC) on July 19 worth almost $8 million – Investing.
  • New data from Cambridge University shows that the geography of Bitcoin mining has drastically changed over the last six months in the wake of China’s massive crackdown – Investing.
  • CEO of digital currency company Foundry, Mike Colyer, confirmed that it had been a big plus for Bitcoin – Investing.
  • Georgia is just one of many developing countries which would benefit from the adoption of Bitcoin – Investing.

Technical View:

  • Bitcoin recovers from the previous losses and jumps back above $31,000 mark..
  • The pair made intraday high at $29,500 and low at $31,600 mark.
  • Today a day chart is bearish but H1 chart with triple EMA confirms bullish trend in short run.
  • A sustained close above $31,800 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $29,400 will check further supports.
$29,276 $31,800
$28,985 $32,230
$28,622 $32,450
$28,411 $32,780
$28,222 $33,050

Take a look and do trade wisely!
Good Luck