Bitcoin Rebounds Near $35,000, as Market Sentiment Turns Bullish

Azeez Mustapha
25 July 2021 | Updated: 25 July 2021

It appears that Bitcoin (BTC) bulls have regained control over the market in the past few days, which has pushed the cryptocurrency to an 18-day high near $35,000. At the same time, the altcoin sector has posted an immense recovery, flipping the broader market sentiment to bullish.

The benchmark cryptocurrency’s bullish recovery began after it bottomed out at $29,280 on July 20 and bounced to the $30,000 level in a few hours. Shortly afterward, the cryptocurrency got some fundamental-based boost from the recently concluded “B-Word” event, which saw positive comments from Elon Musk and Jack Dorsey.

The recent development has helped the primary cryptocurrency climb by over 18% in the past five days. Meanwhile, the cryptocurrency’s market valuation climbed above $650 billion today, after falling below $560 billion last week. Also, its market dominance remains above 46%.

Like the crypto leader, Ethereum (ETH) has had a good run over the past five days, gaining close to $500 or +27%. The second-largest cryptocurrency is now on the cusp of breaking the $2,200 resistance. Binance Coin (BNB) has also climbed above the $300 mark because of the recent surge in Bitcoin.

The entire crypto market valuation now stands above $1.4 trillion after gaining over $200 billion this week.

Key Bitcoin Levels to Watch — July 25

BTC finally decimated the critical bearish trendline on Friday after several failed attempts. The benchmark cryptocurrency is now at the doorstep of $35,000 and could claim this level in the coming hours, given the prevailing bullish sentiment.

BTCUSD – 4-Hour Chart

That said, we could see some minor corrections before the break above the $35,000 level. BTC could drop to the $34,000 – $33,750 axis, where bulls should facilitate another bull run. Bears would have a difficult time directing market movements as the sentiment is Bullish above $33,000.

Meanwhile, our resistance levels are at $35,000, $36,000, and $37,000, and our key support levels are at $33,750, $33,000, and $32,000.

Total Market Capitalization: $1.41 trillion

Bitcoin Market Capitalization: $647.3 billion

Bitcoin Dominance: 46%

Market Rank: #1

 

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Azeez Mustapha

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.