After diving below the $ 30,000 psychological level on July 20, Bitcoin (BTC) gained momentum and rose to the $ 32,100 level during intraday trading.

This momentum was partially triggered by Elon Musk disclosure During the B-Word virtual event on July 21, the space industry manufacturer had invested its own assets in BTC and Tesla was likely to start accepting the BTC payment again.

As a result, the price of Bitcoin has risen $ 3,000 from the low of $ 29,000 to the current level of $ 32,000.

Chain data provider dilution resistant recognized:

“Bitcoin just had $ +3,000 in daily business, but the futures market is still short. This is likely going to be fine for a short squeeze of bull pressure or an important suppression of a bear in a relief rally. Either way, it looks like we’ll see some instability over the next week.”

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A short squeeze is an unusual condition that triggers a rapidly rising price of a convertible asset.

Lex Moskovski, CIO of Moskovski Capital, reiterated these feelings. He explained:

“Bitcoin burns bears with a nice short squeeze at some point. Their only stronghold of hope is the Fed’s narrowing.”

BTC whales have bought fear

By chain analyst Will Clemente:

“Whales have bought fear. They have now added +96 044 BTC to their holdings in the last 3 weeks. “

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Fear, Uncertainty and Doubt (FUD) has conquered the Bitcoin market since the leading cryptocurrency collapsed from an all-time high (ATH) of $ 64.8,000, recorded in mid-April. This is partly due to enhanced Commencement of cryptographic mining by Chinese authorities and former Elon Musk comments On the environmental impact of Bitcoin.

Market analyst Michael van de Poppe believes everything will be fine as long as Bitcoin maintains more than $ 31,000. Therefore, time will tell whether a short press will trigger the BTC market.

Image source: Shutterstock

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