Bitcoin (BTC) hit $21,000 for the first time in several days on July 15 as markets enjoyed what one trader called a “summer break.”

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
A look at altcoin recovery as Bitcoin price adds 11%
Data from Cointelegraph Markets Pro and TradingView showed that the BTC/USD pair rose overnight, hitting just $21,000 on Bitstamp on the day.

A marked change in tact occurred after the initial losses on the back of the 40-year highs of the US Consumer Price Index (CPI). Against its lows on July 13, the BTC/USD pair is up 11%.

“Summer Break Time” was summed up by Michael van de Poppe.

Popular Crypto trader Tony was also in the mood for modest optimism on the shorter time frames, looking to move towards $21,700 to take profit.

“If we get this, the Alts can continue to enjoy a nice pump and relief rally,” he added in another tweet.

Several major cryptocurrencies responded well to the slight uptick in Bitcoin price action, with Ether (ETH) making a notable rebound to limit daily gains of over 12%.

Others in the top ten cryptocurrencies by market capitalization have also done well, with only Solana (SOL) beating ETH in the past 24 hours.

Thus, the ETH/USD pair succeeded in avoiding a return below the psychologically important $1,000 level.

ETH/USD candlestick chart (Binance). Source: TradingView
Whales ‘waiting a moment to wake up’
Meanwhile, on-chain data indicated that the largest bitcoin traders are in no mood to act at current prices.

Related: Bitcoin price soars to $20K as BTC bought from whales confirms support

In a Twitter thread on July 14, BlockTrends analyst Caue Oliveira highlighted what he described as an ongoing “hibernation” among whale wallets.

He noted that “whales remain in hibernation, waiting for the right moment to wake up.”

Institutional movements, or better known as “whale activity,” can be tracked based on the volume of transactions moved over a short period of time, and both are denominated in BTC and USD.
The accompanying chart has shown a clear lack of high-volume transactions on the network in recent months, with the Terra LUNA explosion only causing a temporary break in trend.

“Here we have a clear view of low, almost non-existent institutional activity after May, which woke up briefly during the LUNA crash but returned to hibernation,” Oliveira added.

Bitcoin spent illustrating output value ranges. Source: Caue Oliveira / Twitter
The opinions 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 do your own research when making a decision.

Source: CoinTelegraph

LEAVE A REPLY