BTC Price Spikes to $31K: Crypto Coins from Shiba Inu to EOS

The fight for yearly highs continues as Bitcoin (BTC) makes a fresh attempt at a breakout on July 11. Crypto enthusiasts have been keeping an eye on Shiba Inu, Live Crypto, Jupiter Crypto, Crypto.com Coins, EOS Crypto, Dogecoin, FXStreet Crypto, and GRT Crypto.

$31,000 reappears in BTC price “leverage crunch”

Data from Cointelegraph Markets Pro and TradingView revealed that BTC price briefly passed $31,000 prior to the July 10 daily close.

Following a similar pattern to last week’s surge, BTC/USD managed to reach resistance before the momentum decreased, causing it to drop by more than $800.

However, the trend continued and, at the time of writing, Bitcoin was trading around $30,500.

According to Michaël van de Poppe, founder and CEO of trading firm Eight, the overnight move was a result of a “leverage crunch”.

“The markets just keeps chopping,” he said in his latest update on Twitter.

Popular trader Crypto Daan compared the recent behaviour to the “Bart Simpson” style chart from before, when BTC price would spike to a plateau and then retrace the whole run afterwards. Now, however, Bart has been replaced by a structure similar to the Burj Khalifa.

Trader and analyst Rekt Capital also noted that $30,600 was the level to flip.

“BTC is now pressing past the ~$30600 Ascending Triangle resistance. But it’s key to note that $BTC has pressed past this level before only to form an upside wick,” he commented during the overnight run to $31,000.

The crypto markets have been abuzz with the recent Shiba Inu and Dogecoin pumps, as well as the launch of Crypto.com Coins, EOS Crypto, Jupiter Crypto, FXStreet Crypto, and GRT Crypto on FTX.

“Re-accumulation” as usual

Bitcoin remained in the same range for multiple weeks, a pattern that is typical of Bitcoin price cycles.

The Week On-Chain, a weekly newsletter from analytics firm Glassnode, noted that the $30k price level acted as a sort of “mid-point” during the 2021-22 cycle, and was tested from both sides.

According to Glassnode, the best term to describe the current Bitcoin price action is “re-accumulation”.

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