Bitcoin price spikes to $20,000 as whale bought BTC confirms support

Bitcoin rebounds to five-day highs as Ethereum breaches $1,100 mark.

Market Update

Bitcoin (BTC) hit $20,000 for the first time in five days on July 4, as Independence Day brought unexpected gains.

BTC/USD 1 hour candle chart. Source: Tradingview.com

Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD climbed to $20,085 on the day, its best performance since June 30.

The pair had spent most of the holiday weekend hovering around $19,000, but the lack of trading on Wall Street ultimately wasn't a hurdle for the bulls.

The weekend's thinner order books likely exacerbated volatility relative to underlying volumes, but nonetheless Bitcoin was up 3% on the day at the time of writing.

Not going to zero yet #BTC pic.twitter.com/8KuliZn0QC

— Materials Scientist (@Mtrl_Scientist) July 4, 2022

“Bitcoin successfully created a bullish divergence on the daily time frame for the first time since breaking below $20,000,” noted popular analyst Matthew Hyland.

On-chain analysis resource Whalemap confirmed that whales buying coins at $19,200 once again provided market support.

Yes https://t.co/0SrIWe72OR

– whale map (@whale_map)