After rebounding from a $29,300 low on Wednesday, BTC/USD touched the $32,000 earlier on June 22. However, it has retraced and is currently trading within the $31,885 and $31,900 range.
Market observers have attributed the brief touch at $32k to Elon Musk’s support at the B-word July conference. He is reported to have praised Bitcoin during the conference.
Elon Musk’s positive comments on Bitcoin at the conference instigated a ride to $32,800 before moving down to $32,400 and further below, which it is yet to cross as of press time. Some expert analysts are of the opinion that a $40k retest is possible, with $31k being a resistance zone.
Others have argued that no resistance zone has been established while disregarding the Elon Musk factor. Expert trader Keith Wareing declared that there is no certainty on what Bitcoin will do until it crosses above $42,300.
The only effect the speculated selling pressure from $GBTC unlocking seems to have had is instigating a fall to $29k, contrary to the $25k bottom claimed by experts at JP Morgan.
Few Altcoins Record Gains
Meanwhile, altcoins like $AXS, Polygon ($MATIC), Alien Worlds ($TLM) are in the green. $AXS has been in the green since Wednesday. As reported by thedechained, it traded at $18 before moving to a day-high of $23 on Thursday. $MATIC rose by 5% to a day-high of 0.94. On Tuesday, it had fallen to a low of $0.62, and is currently trading at $0.87.
From a low of $0.15 the previous day, $TLM moved by 12% to 0.19; fell back to $0.17 later on Thursday. Dogecoin started the week on a low of $0.16 and is back to $0.18. An 80% to 150% gain is possible for altcoins if Bitcoin makes a move to $40k within the week.