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27 July 2021

Bitcoin bounces off $31K after Bank of America greenlights BTC futures trading

Bitcoin bounces off $31K after Bank of America greenlights BTC futures trading


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Bitcoin (BTC) continued to bounce off $31,000 support during July 16 as fresh data reinforced the importance of current price levels.

A late surge to near $32,000 then entered as unconfirmed reports surfaced that Bank of America had given the go-ahead for Bitcoin futures trading.

Market participants held mixed opinions about the short-term outlook, with popular trader Michaël van de Poppe noting on Thursday that $31,000 was something of a final frontier for Bitcoin — lose it and $29,000 or even $24,000 would logically be next.

Earlier in the week, he had argued that Bitcoin could stage a shock rebound and hit its range highs of $42,000 before reversing downwards yet again to challenge $30,000 support.

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