{"id":309581,"date":"2021-07-27T22:38:54","date_gmt":"2021-07-27T19:38:54","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/october-2020-deja-vu-bitcoin-pullback-at-38k-has-traders-at-odds-over-next-move\/"},"modified":"2021-07-27T22:38:54","modified_gmt":"2021-07-27T19:38:54","slug":"october-2020-deja-vu-bitcoin-pullback-at-38k-has-traders-at-odds-over-next-move","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/october-2020-deja-vu-bitcoin-pullback-at-38k-has-traders-at-odds-over-next-move\/","title":{"rendered":"# October 2020 D\u00e9j\u00e0 vu? Bitcoin pullback at $38K has traders at odds over next move"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3a0e52de2a5\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3a0e52de2a5\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/october-2020-deja-vu-bitcoin-pullback-at-38k-has-traders-at-odds-over-next-move\/#Bitcoin_bulls_battle_to_reestablish_uptrend\" >Bitcoin bulls battle to reestablish uptrend<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/october-2020-deja-vu-bitcoin-pullback-at-38k-has-traders-at-odds-over-next-move\/#Altcoins_give_back_gains\" >Altcoins give back gains<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># October 2020 D\u00e9j\u00e0 vu? Bitcoin pullback at $38K has traders at odds over next move   <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>The wider cryptocurrency market entered a period of consolidation on July 27 following Bitcoin\u2019s (BTC) brief spike above $40,000 the day before that helped ignite a rally across the market and brought a renewed sense of optimism to the market.\u00a0<\/p>\n<p>Data from Cointelegraph Markets Pro and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/\">TradingView<\/a> shows that a mid-day attempt by bulls to lift the price of BTC back above the $40,000 level was rejected resulting in a price pullback to $37,500. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-07\/66304fbc-3044-4566-ab0a-f510a6a6a266.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USDT 4-hour chart. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSDT\/\"><em>TradingView<\/em><\/a><\/figcaption><\/figure>\n<p>While Tuesday&#8217;s price pullback may suggest that Monday&#8217;s rally was simply a short squeeze, others point to the rising Grayscale Bitcoin Trust (GBTC) premium, which is now at the highest levels in months at -5.88%, suggesting that institutions are once again betting on more BTC price upside.\u00a0<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Bitcoin_bulls_battle_to_reestablish_uptrend\"><\/span>Bitcoin bulls battle to reestablish uptrend<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Rumors that Amazon would begin accepting cryptocurrency payments in 2021 helped ignite the market-wide rally seen on Monday, though\u00a0officially denied by the company later on.\u00a0<\/p>\n<p>However, as <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/rektcapital\/status\/1419956851953786881\">pointed out<\/a> by\u00a0pseudonymous independent market analyst Rekt Capital, Bitcoin\u2019s price chart shows a fractal pattern that is similar to the price-performance in October 2020, just before BTC price began its run to a new all-time high. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">When was the last time <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&amp;ref_src=twsrc%5Etfw\">#BTC<\/a> broke beyond the 50-day EMA resistance?<\/p>\n<p>Back in October 2020<\/p>\n<p>This is when <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> formed a very similar fractal of Bitcoin&#8217;s current price action<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Crypto?src=hash&amp;ref_src=twsrc%5Etfw\">#Crypto<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/2acUC9KoeV\">pic.twitter.com\/2acUC9KoeV<\/a><\/p>\n<p>\u2014 Rekt Capital (@rektcapital) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/rektcapital\/status\/1419956851953786881?ref_src=twsrc%5Etfw\">July 27, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>If a similar pattern plays out in the current market, Bitcoin\u2019s price will see a continuation of the uptrend that the Amazon rumors initiated. <\/p>\n<p>Not all of the available suggests a continuation of the upward momentum, however, as was pointed out by Jarvis Labs analyst and co-founder, Ben Lilly, who has been monitoring on-chain data to gain deeper insight into the most recent pump, particularly with Ethereum&#8217;s London hard fork slated for Aug. 4.<\/p>\n<p>Lilly <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/MrBenLilly\/status\/1419998363425120257\">said<\/a>, <\/p>\n<blockquote><p>\u201cOnchain activity and demand hasn&#8217;t showed up. Pair this up with Amazon <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> as fake and shorts getting rekt, I wouldn&#8217;t be surprised to see low $30ks be4 1559.\u201d<\/p><\/blockquote>\n<p>An example of bearish bias, however, was <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/ImNotTheWolf\/status\/1420020956018315264\">provided<\/a> by the pseudonymous <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> user Bear Wolf, who saw Monday\u2019s developments as nothing more than a short squeeze amid a wider bear market. <\/p>\n<p>&#8220;19K is still my target for the end of the bear market,&#8221; he wrote. &#8220;Dead Cat Bounce to 46K (Short Squeeze). TA invalidates if we pump to 50K and find support &gt;&gt;ABOVE&lt;&lt; 46K.&#8221;<\/p>\n<p><strong><em>Related<\/em><\/strong><em>: <\/em><em>Sen. Warren urges Treasury Secretary Yellen to combat rising crypto threats<\/em><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Altcoins_give_back_gains\"><\/span>Altcoins give back gains<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>A large percentage of the gains seen in the altcoin market on Monday were given back on Tuesday as the euphoria from the Amazon rumors subsided. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-07\/846e96dc-d1c4-4b2c-9d0b-1490510f23c3.png\"><figcaption style=\"text-align: center;\"><em>Daily cryptocurrency market performance. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coin360.com\/\"><em>Coin360<\/em><\/a><\/figcaption><\/figure>\n<p>Dogecoin (DOGE) and Solana (SOL) were the two hardest-hit tokens in the top 20, seeing losses of 10% and 10.8%, respectively, while Monday\u2019s top performers Strike (STRK) and Venus (XVS) both dropped by 16%. <\/p>\n<p>A pair of 30% gains from Axie Infinity (AXS) and MyNeighborAlice (ALICE) marked the best performances of the day while the blockchain-based identity management solution Civic (CVC) saw its price increase by 20%.<\/p>\n<p>The overall cryptocurrency market cap now stands at $1.488 trillion and Bitcoin\u2019s dominance rate is 47.8%.<\/p>\n<p class=\"post-content__disclaimer\">The views 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 conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/october-2020-deja-vu-bitcoin-pullback-at-38k-has-traders-at-odds-over-next-move\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# October 2020 D\u00e9j\u00e0 vu? Bitcoin pullback at $38K has traders at odds over next move &#8221; The wider cryptocurrency market entered a period of consolidation on July 27 following Bitcoin\u2019s (BTC) brief spike above $40,000 the day before that helped ignite a rally across the market and brought a renewed sense of optimism to&#8230;<\/p>\n","protected":false},"author":1,"featured_media":309582,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDcvNmUzNmJiNGMtZGNkOS00MTIwLThjMWQtYjdhZjNkNzg3YThkLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,75302,74862,74982,74863,86883,74891,74939,75150,73785],"class_list":["post-309581","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-altcoins","tag-bitcoin","tag-btc-markets","tag-cryptocurrencies","tag-dogecoin","tag-ethereum","tag-market-analysis","tag-market-update","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/309581","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=309581"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/309581\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/309582"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=309581"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=309581"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=309581"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}