Bitcoin price spikes to $20K as whale bought BTC confirms support

Bitcoin (BTC), which rose to $20,000 in just five days, was a result of unexpected gains on July 4, when the Independence Day holiday brought some surprising gains.

BTC/USD 1-hour candle charts. Source: Tradingview.com

$20,000 briefly reappears

Data from TradingView and Cointelegraph Markets Pro showed that BTC/USD spiked to $20,085 during the day, its highest performance since June 30, according to TradingView.

Although the pair spent the majority of the holiday weekend at $19,000, the lack of Wall Street trading was no problem for bulls.

The volatility of weekend orders from Thinners was likely to be exacerbated by underlying volumes. However, Bitcoin was still up 3% at the time this article was written.

Not going to zero just yet #BTC pic.twitter.com/8KuliZn0QC
— July 4, 2022, Material Scientist (@Mtrl_Scientist).

Popular analyst Matthew Hyland stated that “Bitcoin has created Bullish Divergence (on the Daily Time Frame) for the first time since breaking under $20,000.”

Whalemap, an on-chain analytics resource, confirmed that whales were once again buying coins at $19,000.

Yep https://t.co/0SrIWe72OR
— Whalemap (@whale_map July 4, 2022

Cointelegraph reported that whales were keen to see levels below $20,000 immediately, and not wait for the much-vaunted levels of $16,000 or below.

Michael van de Poppe, a Cointelegraph contributor, said that flipping $19.5K can trigger Bitcoin.

Altcoins made the most Bitcoin’s surge, with Ether (ETH), rising nearly 6% to surpass $1,100.

1-hour candle chart for ETH/USD Source: Tradingview.com

Other top cryptocurrencies by market capital saw gains of approximately 5% per day.

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https://cointelegraph.com/news/bitcoin-price-spikes-to-20k-as-whale-bought-btc-confirms-support