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Bitcoin bounces to five-day highs while Ethereum rises above the $1,100 mark.
Bitcoin (BTC) rose to clip $20,000 for the first time in five days on July 4 as the Independence Day holiday brought some unexpected gains.
BTC/USD 1-hour candle chart. Source: Tradingview.com
$20,000 briefly reappears
The pair had spent most of the holiday weekend at around $19,000, but the absence of Wall Street trading ultimately proved no obstacle for bulls.
Thinner weekend order books likely exacerbated volatility compared to underlying volumes, but nonetheless, Bitcoin was up 3% on the day at the time of writing.
— Material Scientist (@Mtrl_Scientist) July 4, 2022
"Bitcoin has successfully created Bullish Divergence on the Daily Time Frame for the first time since breaking below $20,000," popular analyst Matthew Hyland noted.
On-chain analytics resource Whalemap meanwhile confirmed that whales buying coins at $19,200 had once again provided support for the market.
— whalemap (@whale_map) July 4, 2022
As Cointelegraph reported, whales had expressed a keen interest in levels immediately below $20,000, conspicuously not choosing to wait until much-vaunted levels at $16,000 and below appeared.
"Flipping $19.5K is a trigger for Bitcoin," Cointelegraph contributor Michael van de Poppe added.
Altcoins meanwhile made the most of Bitcoin's spike, with Ether (ETH) rising almost 6% to pass $1,100.
ETH/USD 1-hour candle chart. Source: Tradingview.com
Others in the top ten cryptocurrencies by market cap broadly saw daily gains of around 5%.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.