Bitcoin (BTC) Price on July 9, 2021

And we’re back to $33, 000 – Bitcoin (BTC)

is registering a slight uptick away from $32,000. News and indicators continue to blow hope for an upcoming bullish rally. In the very short term, however, the markets remain in the red.

The daily price of Bitcoin (BTC) is brought to you in collaboration with Coin Trading and its algorithmic trading solution finally available to individuals

Square contributes to the next

Bitcoin

bull run

rises to $33,578 on Bitfinex today, July 9, 2021. It had tested $32,000 yesterday, July 8, 2021, following a whale’s attempt to short 5,000 BTC. Bitcoin is trading at $33,394 at the time of writing and is currently recording a daily gain of 1.77%.

Today’s rise comes after Square’s head of hardware, Jesse Dorogusker, announced that the payment company is developing a “consumer” physical wallet. Dorogusker also hinted at the launch of “services to make Bitcoin custody more mainstream,” without giving further details.

portefeuille wallet physique Bitcoin Square Source : Jesse Dorogusker’s Twitter post

While this project plays into the bulls’ hands in the medium to long term, other indicators give reason to be optimistic in the short term as well

.

A week in the red, indicators in the green

The analyst William Clemente, mentions in the latest newsletter of Anthony Pompliano

, the increase of new users on the network that “is now reaching historic highs, with more than 50,000 new entities entering the channel every day.

And while the week is currently bearish, it has seen the birth of 17 new whales on the network, while total whale holdings have increased by 65,429 BTC over this period.

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In addition to these on-chain indicators showing an increase in Bitcoin’s adoption rate, statistician Willy Woo meanwhile points out in his tweet yesterday, the decrease in the stock of Bitcoins held by exchanges, which usually portends a rise:

<blockquoteckquote class=”wp-block-quote”

>”As prices fall, coins are being removed from the markets at a very high rate.”

Despite this encouraging outlook, the markets remain in a selling zone on a daily and weekly basis, given the RSI(14) for these periods of around 44.

Institutional investors are resuming buying, which bodes well for the future. However, bitcoiners should not discount the possibility of a drop to levels well below $30,000 before the recovery.

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