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

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

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

$20,000 briefly reappears

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

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The pair spent nearly $19,000 over most of the holiday weekend, but the absence of Wall Street trading ultimately proved to be no deterrent for the bulls.

Lower weekend order books may have increased volatility relative to underlying volume, but still, bitcoin was up 3% at the time of writing.

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

Meanwhile, on-chain analysis resource Whalemap confirmed that whales have once again provided support to the market by buying the coin for $19,200.

As Cointelegraph reported, whales expressed keen interest in levels below $20,000, clearly opting not to wait for multi-level levels below $16,000 and below.

“Flipping $19.5K is a trigger for bitcoin,” said Cointelegraph contributor Michael van de Pope.

Meanwhile, Altcoins made the most of Bitcoin, with Ether (ETH) rising nearly 6% to $1,100.

ETH/USD 1-hour candle chart. Source: Tradingview.com

Others in the top ten cryptocurrencies by market cap saw daily gains of roughly 5%.

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