Last-minute Bitcoin pump gives bulls some hope after bearish weekend

Crypto markets are recovering from a weekend dip, with a pump this morning just hours before the weekly close giving some hope to the bulls.

After falling as low as just above US$30,000 on Saturday evening (Sydney time), Bitcoin jumped 6.1 per cent in the space of an hour Monday morning, going from $32,530 at 7.34am AEST to $34,515 at 8.35am.

The weekly close came 85 minutes later, at 10am AEST/midnight UTC.

Very nice weekly close on #Bitcoin. Very, very nice in fact. pic.twitter.com/8Frmn4N7TU

— Tyler (@TylerDurden) June 28, 2021

Yesterday (when BTC was trading for around $33,250) influential crypto trader Rekt Capital had tweeted it was important for Bitcoin to rally above ~$34,000 “and turn the Higher Low into new support before the Weekly Close for this early-stage bullish momentum to be preserved”.

At noon Sydney time, Bitcoin was trading at US$34,440, up 4.4 per cent from Sunday, and just $400 under where it was Friday.

“We are still trading at resistance without a decisive move up,” tweeted another Bitcoin analyst, who goes by Bitcoin Charts. “Please be ware of that. If we can decisively make a move up and break 35k with volume, then I would be feeling a bit more bullish than bearish. This was a very nice move up! Let’s see what happens next.”

Among other tokens, Ethereum was trading at US$1,971, up 4.7 per cent, and all but a handful of the top 100 altcoin were in the green.

Internet Computer was the biggest gainer, rising 50 per cent to US$46.50 after a horrific few weeks, price-action wise.

Bitcoin Cash ABC, XDC Network and Compound had also posted double-digit gains.

Amp and Quant were the biggest losers, both down a little under four per cent after a strong run recently.