Bitcoin price exceeds $ 32K with traders wary of a “relief rally” when

Bitcoin (BTC) later crossed $ 32,000 on July 16 as positive reactions to Bank of America (BoA) bitcoin futures continued to have an impact.

Bitcoin near $ 32,300 points of interest

Data from Cointelegraph Markets Pro and TradingView show that BTC / USD is up 1.4% on the day and hit a new local high of $ 32,150 on Bitstamp.

The pair experienced an abrupt turnaround during the BoA announcement after repeatedly testing the $ 31,000 support earlier that day.

Thus, an important area to recapture the uptrend, $ 32,300, is now back on the menu, which seemed like an unlikely target just a few hours ago.

For the Rekt Capital trader and analyst, the current levels at the end of the day are crucial.

“BTC needs to regain Orange as support if BTC is to maintain the top half of that blue wedge structure,” he said alongside explaining the chart.

“If BTC doesn’t regain Orange as support, today’s rally could just be a relief rally to confirm Orange as resistance.”

As Cointelegraph reported, $ 31,000 remains on the low end of a major breakout number that, if not held, will open $ 24,000.

Altcoins reduce daily losses

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

While the daily losses for major cryptocurrencies are usually 5% on Fridays, these losses disappear quickly and some altcoins even start to increase profits.

The largest altcoin ether (ETH) is trading at $ 1,923 at press time, rising from the support area near $ 1,800 to $ 2,000.