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

[RSRS]

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


BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
No trip to $42,000?
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD repeatedly testing but so far not breaking through $31,000 on Friday.

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.

Fellow trader Crypto Ed also appeared undecided on the day. 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.

"BTC making new lows is invalidating the idea of continuation of that bounce," he wrote in an update. Even a comedown for the U.S. dollar currency index (DXY), traditionally inversely correlated with BTC, is unlikely to help bulls significantly, he added.

Update on this ⬆️
BTC making new lows is invalidating the idea of continuation of that bounce.
I still think DXY should see a pull back but it's doubtfull that such will move BTC to 42k.
Maybe there's no hidden play in the charts and BTC is just terribly weak and I was crazy pic.twitter.com/3nr65V9y4Z

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