Bitcoin price tops $ 32,000 with traders skeptical of a “relief rally” if resistance continues

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Bitcoin (BTC) later surpassed $ 32,000 on July 16, as positive reactions to the Bank of America (BoA) bitcoin futures release continued.

BTC / USD 1-hour candle chart (Bitstamp). Source: TradingView

Bitcoin nears $ 32,300 point of interest

Data from Cointelegraph Markets Pro and TradingView showed that BTC / USD was up 1.4% on the day and hit new local highs of $ 32,150 on Bitstamp.

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The pair experienced an abrupt turnaround following the BoA announcement, having previously tested the $ 31,000 support repeatedly throughout the day.

As such, a key zone for a possible continuation of the $ 32,300 upward move was back on the menu, which seemed an unlikely target just hours earlier.

For Rekt Capital traders and analysts, the current levels are the key to closing the day.

“BTC must reclaim Orange as support if BTC is to maintain the top half of that blue wedge structure,” he said alongside an explanatory chart.

“If BTC can’t reclaim Orange as support, today’s rebound could just be a recovery rally to confirm Orange as resistance.”

BTC / USD 1-day candle chart with a wedge structure. Source: Rekt Capital / Twitter

As Cointelegraph reported, it left $ 31,000 on the lower end as a key breaker, the non-stop of which would open the door to $ 24,000.

Altcoins make up for the daily losses

Bitcoin’s recent move had an immediate impact on altcoins.

While the daily losses for the major cryptocurrencies were typically 5% on Friday, they quickly disappeared and some altcoins even started to post profits.

The largest altcoin, Ether (ETH), was trading at $ 1,923 at the time of writing, starting towards the $ 2,000 mark, away from a support zone near $ 1,800.

ETH / USD 1-hour candle chart (Bitstamp). Source: TradingView