Bitcoin prices have regained some lost ground today, as Square has revealed that it is working on a “mainstream” Bitcoin wallet that will support BTC-USD trading.
Bitcoin prices have been on a rollercoaster this week, with the cryptocurrency market reacting to the news that Square, the payments giant, is planning to launch a “mainstream” Bitcoin wallet, and that it is also creating an online trading platform for Bitcoin.Bitcoin (BTC) came later on the 9th. July came back to life after a whale-caused price drop failed to hold the market for more than 24 hours.
1-hour candlestick chart of BTC/USD (Bitstamp). Source: TradingView
Bitcoin price movement back to $33,000 support
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD rose 2% in an hour on Friday, reaching local highs of $33,700 on Bitstamp.
The previous day saw a drop and a test of the $32,000 support level, due to a sudden short sale by one of the companies on the Bitfinex exchange.
However, with the $33,000 support back in play, traders once again hoped that existing short-term theories might yet come to fruition.
Bitcoin still holds critical support and could make a new higher low here, Michael van de Poppe summarizes in his latest update.
Van de Poppe predicted a possible rise to $39,000 if bitcoin breaks through the early $35,500 resistance zone.
We do the #Bitcoin https://t.co/IwbKuBoXGv
– jack (@jack) July 8, 2021
The rise followed an announcement by payment gateway Square, which confirmed it would develop a hardware wallet for the leading cryptocurrency.
That’s what we’re doing, replied Jack Dorsey, CEO of Twitter and Square, to a message from Jesse Dorogusker, the company’s head of hardware.
Dorogusker also said there are plans to create a service that will make storing bitcoins more common, but no other details have been specified yet.
Wood: Whale scoop
According to Cointelegraph, industry researchers have already noticed new upward trends in the power chain in the second half of the week.
Related: Bitcoin price expected to fall after release of $530 million GBTC in July – Analysis
In particular, they showed a record number of new topics on the bitcoin network, which is now reaching 50,000 per day.
For their part, the whales did not hesitate to eat the stock – a theory defended by statistician Willie Wu.
While the price is trending lower, coins are being picked up on exchanges at a very bullish pace, he told his Twitter followers on Thursday, attaching a chart of net flows from exchanges.
PS. The ratio of withdrawals to deposits has reached local highs lately, indicating that the whales are skimming.
Graph of net flows of bitcoin trading transactions at BTC/USD. Source: Willie Wu/Twitter
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