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Home Markets Cryptos

Bitcoin is too hot to handle gains $3,700 in a day

Olumide Adesina by Olumide Adesina
January 6, 2021
in Cryptos, Spotlight
Crypto, Investors flock to US dollar, Gold, Bitcoin, as Global Stocks record heavy sell-offs, Twitter Poll: Bitcoin price expected to reach $100,000 by 2021, cybercriminals, What it will take Bitcoin to hit $100,000?
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The bullish euphoria surrounding Bitcoin’s price action remains strong, as the digital asset gained more than $3,700 in a day after falling below $31,700.

What you should know: At the time of writing this report, Bitcoin traded at 35,480.19 ( an all-time high) with a daily trading volume of $73.5 Billion. Bitcoin is up 12.65% for the day

READ: Bitcoin more valuable than any global bank

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  • Despite failing to break through its lifetime high price level of $34,500 resistance some days ago, the price quickly bounced from its sub- $28,000 plunge two days ago and just broke above the $35,400 price levels.
  • However, it’s key to observe that when the world’s most popular crypto makes a new high, traders expect some form of correction, and that’s why there is a significant amount of market volatility as sellers and buyers try to take hold.

READ: Bitcoin on rampage, now worth over N10 million

What this means: Investments from Square, Paul Tudor Jones, MassMutual, and SkyBridge Capital are further indisputable evidence of big money investors in the flagship crypto market.

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Also playing to the hands of Bitcoin bulls are macros showing 78% of the circulating Bitcoin supply is illiquid and therefore hardly accessible for buying.

This points to a bullish investor sentiment as large amounts of BTC are being hoarded – which reduces sell pressure.

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READ: Bitcoin robbers transfer part of Bitcoin loot worth $1.4 billion

78% of the circulating #Bitcoin supply is illiquid and therefore hardly accessible for buying.

This points to a bullish investor sentiment as large amounts of $BTC are being hoarded – which reduces sell pressure.

Full report: https://t.co/nohmLNNJ7U

Highlights below ?

— glassnode (@glassnode) December 29, 2020

That said, Bitcoin is also on the verge of settling a cumulative $10 trillion on-chain since inception.

READ: Ripple’s co-founder earned $411 million from selling XRP in 2020

Related

Tags: BitcoinCryptocurrencyCryptocurrency NewsMassMutualPaul Tudor JonesSquare

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