Bitcoin (BTC) rebounded on July 9th after a whale-induced drop failed to hold the market down for more than 24 hours.

Bitcoin Price Action returns $ 33,000 in support

Data from Cointelegraph Markets Pro and TradingView show BTC / USD rose 2% in an hour on Friday and hit a local high of $ 33,700 on Bitstamp.

The previous day was marked by a downward trip testing the $ 32,000 support that followed a sudden short sale of a company on Bitfinex.

However, with the $ 33,000 support now working again, traders are once again hoping that the current short-term theories may still come into play.

“Bitcoin still holds an important level of support and will likely reach new higher lows here,” summarizes Michaël van de Poppe last update.

Van de Poppe considered the possibility of up to $ 39,000 if Bitcoin breaks the beginning of the resistance band at $ 35,500.

We do it #Bitcoin https://t.co/IwbKuBoXGv

– latch (@ latch) July 8, 2021

The recovery follows an announcement from a payment gateway Square confirming that it will develop a “mainstream” crypto hardware wallet.

“We’ll do it,” said Jack Dorsey, CEO of Twitter and Square, in response to a post from the company’s hardware lead later: Jesse Dorogusker.

Dorogusker has also said the plans will include a “service to make Bitcoin custody more popular,” with other details still unclear.

Woo: “whales squirm”

As Cointelegraph reported, industry researchers identified a new upward trend in on-chain indices over the weekend.

Related: Bitcoin Price Is Likely To Fall To $ 530 Million When GBTC Unlocks In July – Analysis

These indicate, among other things, a record number of new Bitcoin network units, which now reach 50,000 points per day.

For their part, whales also want to attract supply, a theory supported by renowned statistician Willy Woo.

“As prices become bearish sideways, coins are being removed from the exchanges very quickly,” said Mr told Twitter followers on Thursday, along with a graph of net flows from exchanges.

“Postscript. The latest draw-to-deposit size is at a local high at a signal low, whales save.”