BTC Price Recovers $ 33,000 As Square Confirms ‘Core’ Bitcoin Wallet Plans

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Bitcoin (BTC) came back to life later on July 9 after a whale-induced price drop failed to hold the market for more than 24 hours.

1 hour BTC / USD candle chart (Bitstamp). Source: TradingViewBitcoin price action returns $ 33,000 support

Data from Cointelegraph Markets Pro and TradingView showed BTC / USD jumped 2% in one hour on Friday, hitting local highs of $ 33,700 on Bitstamp.

The previous day had been marked by a bearish trip and a test of support of $ 32,000, which had occurred following a sudden short sale by an entity on Bitfinex.

With $ 33,000 backing now back, traders were once again hoping that existing short-term theories could still play.

“Bitcoin still holds a critical support level and potentially hits a new low here,” summarized Michal van de Poppe in his latest update.

Van de Poppe had envisioned a potential run up to $ 39,000 if Bitcoin broke through the start of a resistance band at $ 35,500.

I was doing it #Bitcoin https://t.co/IwbKuBoXGv

jack (@jack) July 8, 2021

The rebound followed an announcement from the payment gateway Square, which confirmed that it will develop a “mainstream” cryptocurrency hardware wallet.

“We are doing it,” Twitter and Square CEO Jack Dorsey replied to a message from the latter’s hardware manager, Jesse Dorogusker.

Dorogusker also said the plans would include a “service to make bitcoin custody more common”, with other details still pending.

Woo: “Whales pick up”

As Cointelegraph reported, industry researchers had previously reported new bullish trends in on-chain measures during the latter part of the week.

Related: Bitcoin Price To Likely To Raise $ 530 Million GBTC Unlock In July

These showed, among other things, a record number of new Bitcoin network entities, now exceeding 50,000 per day.

The whales, for their part, were also eager to reclaim the supply, a theory supported by popular statistician Willy Woo.

“As prices are bearish, coins are being pulled from the stock exchanges at a very bullish rate,” he told Twitter followers on Thursday, alongside a graph of net stock flows.

“PS. The last sizing of withdrawals versus deposits is at local highs at levels that signal a trough, whales are digging.”

Net Bitcoin exchange flows against the BTC / USD chart. Source: Willy Woo / Twitter

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