Bitcoin Bounced Back To $32,000, Is BTC Out Of the Woods?

By July 23, 2021 No Comments

Bitcoin rose alongside gains in global shares markets. Many altcoins gained double-digit two, with ETH spiked above $2,000 and dogecoin advanced 6%. While the fresh gain boosted confidence, it may be too early to celebrate. 

The uptick in crypto prices is believed to be associated with the talk between  Ark Invest CEO Cathie Wood, SpaceX and Tesla CEO Elon Musk, and Square and Twitter CEO Jack Dorsey that took place as part of The B Word initiative. 

In the talk, Musk revealed that SpaceX owns Bitcoin and he owns BTC, ETH, and Dogecoin. Furthermore, he commented that Tesla may soon be accepting BTC payments again as BTC becomes greener. 

Despite the crypto community claiming Musk is losing his credibility and influence over cryptos, his words could still move the markets. But this time his influence may not be enough as several indicators still show signs of weakness.

The 100-day moving average on the 4-hour chart is still sliding downward, suggesting that traders are shorting the bounce.  

While it seems that BTC has protected its $30,000 support, concerns over whether this is a relief rally are high. Bitcoin is also still trading below the 50-day moving average.

“Bitcoin is still just chopping around,” Joel Kruger, a currency strategist at LMAX Digital, said. “I still think there is a risk for one more decent decline, but we’d need to see a break below the June low of $28,800 to trigger such a move.”

In times of uncertainty, a good way to survive is to diversify our strategies and portfolios. It is important to figure out your risk tolerance and only invest money you can afford to lose. Here are two options worthy of considering.

Option 1: A Wallet Designed for Traders and HODLers

An interest wallet is a safe haven to store your bitcoin. With up to 21% annualized interest, you can grow your wealth without taking the risks of trading.  You can withdraw your deposit anytime you want or transfer the bitcoin into the trading account instantly.

Option 2: Managing Trading with Less Risks

Futures trading enables traders to earn profits regardless of which direction bitcoin goes. By predicting the right trends of Bitcoin’s price, traders can earn greater returns within a shorter period of time. Bexplus, a leading cryptocurrency leverage trading platform, even offers a 100x leverage. Even at times of great volatility, you can generate profits with the help of Bexplus. And its Stop Loss & Take Profit options could help you lower the risks and lock in profits. 

For instance, if you use 1 BTC and 100x leverage to short bitcoin at $32,000, when bitcoin drops to $31,000, you will earn ($32,000 – $31,000) * 100 BTC/$31,000 = 3.22 BTC. 

If you are a novice trader, you could begin by trading with a demo account. A demo account allows you to know how the platform works and practice strategies. You can also learn to use technical indicators with the demo account.

Bexplus is a leading crypto derivatives trading platform offering 100x leverage futures trading on a variety of trading pairs – BTC, ETH, LTC, Dogecoin, XRP, etc. Demo account, 100% bonus and mobile apps are available on Bexplus. Bexplus doesn’t require KYC and is trusted by over 800k traders from 0ver 200 countries/regions. Bexplus is accredited by MSB (Money Services Business). 

Why Trade on Bexplus?

  • No KYC, No Information Leakage

Registration only requires your email confirmation and will only take a few minutes. Upon registration, you will get a real trading account and a demo account with 10 BTC for practice. 

  • No Deposit Fee and Fast Withdrawal

No deposit fee is required, you can start your deposit at 0.001 BTC. To withdraw your deposit, you only need to file the request and confirm it by email. Withdrawal is 24/7 and it can take as less as 1 hour during work hours. 

  • Mobile App

How to take a break from trading when bitcoin trades around the clock? The top-ranking Bexplus app helps you better manage your account. With the 24/7 notification, you can stay updated with the market.  All data and assets can be accessed through all kinds of devices including desktops, mobile phones, and tablets.Download the Bexplus APP from the Apple Store and Google Play.

  • 100% Bonus to Help You Maximize Profit

Double deposits, double profits. Users can get a 100% deposit bonus for every deposit on Bexplus. If you deposit 1 BTC, 2 BTC will be credited to your account, and the profits gained with the bonus are withdrawable. 

Bexplus offers ethereum price prediction, vechain price and xrp price prediction to help users keep up-to-date with the cryptocurrency industry.