Bitcoin bottom news

bitcoin bottom news

With bitcoin (BTC-USD) trading at just under $29,000 to wrap up 2020, analysts at Fundstrat Global Advisors upped their price target to $40,000. It's been a volatile past seven days for Bitcoin. After peaking at Analyst That Called 2019's Bitcoin Bottom Predicts Imminent Drop to $6,400 Follow Bitcoinist on social media to keep up-to-date with the latest news! Search. Bitcoin has skyrocketed in 2020. The Bottom: $0.67 (April 5, 2011) coin—​was first mentioned on Slashdot, a news aggregator popular with. bitcoin bottom news

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Bitcoin Just Passed $37k—and Analysts Say the Bottom May Be In

Bitcoin has undergone an extreme rally over the past day, surging from the $33,000 region past $37,000 as of this article’s writing. The cryptocurrency now sits above $37,000 for the first time since the weekend and is up 10% in the past day’s trading session.

The cryptocurrency is outperforming altcoins in this move higher. While Bitcoin has gained 10% in the past day’s trading session, altcoins such as Ethereum and XRP are only up 3-5%.

Related Reading: Wall Street Veteran Kickstarts Own Bitcoin Fund With $25m Investment

The Bitcoin Bottom Is In? 

Analysts think that the Bitcoin price bottom may be in after the correction to $30,000 earlier this week, which caught many traders off guard.

Ki Young Ju, the chief executive of CryptoQuant, commented that there was a large amount of buying pressure on spot exchanges at the $30,000-32,000 range. This is evidenced by the fact that there was a large amount of capital outflows from centralized exchanges on the date of the drop, suggesting accumulation by large players:

“There are many institutional investors who bought $BTC at the 30-32k level. The Coinbase outflow on Jan 2nd was a three-year high.”

There are many institutional investors who bought $BTC at the 30-32k level. The Coinbase outflow on Jan 2nd was a three-year high.

Speculative guess, but if these guys are behind this bull-run, they'll protect the 30k level. Even if we have a dip, it wouldn't go down below 28k. pic.twitter.com/3GXLpjyWbp

— Ki Young Ju 주기영 (@ki_young_ju) January 13, 2021

Ki Young Ju suggests that if these “guys are behind this bull run, they’ll protect the $30,000 level.”

Another reason why analysts think that the Bitcoin price has bottomed is due to the extremely high amount of liquidations seen on Sunday and Monday.

More than $2.5 billion worth of crypto-asset futures positions were wiped out on that day due to the massive volatility downward. Many think that this spike in liquidations, which corresponded with a spike in volume, is a likely sign that Bitcoin and the rest of the crypto-asset market are at a turning point.

Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Unsplash Chart from TradingView.com Price Tags: xbtusd, btcusd, btcusdt Bitcoin Passes $37,000 Amid Massive Recovery Rally
Источник: https://www.newsbtc.com/analysis/btc/bitcoin-just-passed-37k-and-analysts-say-the-bottom-may-be-in/

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