Bitcoin is definitely now on steroids, as it rebounded strongly some hours ago.
In less than eight hours, bitcoin surged from $30,300 to $35,400 and still showed no signs of slowing down.
Since the start of 2021, the most popular crypto asset has gained about $5,000 this year alone amid strong buying pressure from leading financial brands across the world.
READ: Only 2.43 million Bitcoins left for mining
What you should know: At press time, Bitcoin traded at $35,402.67 with a daily trading volume of $11 billion. Bitcoin is down 1.07% for the day.
Recall on Monday, Bitcoin and the rest of the crypto market dipped suddenly, with bitcoin losing as much as $10,000 in a day. However, it quickly bounced back, recovering most of its value as the dip was rapidly bought up by eager investors waiting to be part of Bitcoin’s meteoric rise.
READ: 78% of Bitcoins in circulation not for sale
What this means: Despite failing to break through its lifetime high price level of $42,000 resistance on Sunday, Bitcoin quickly bounced from its $30,000 plunge sighted yesterday and just broke above the $35,200 price levels.
- It is 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.
- Investments from Square, Paul Tudor Jones, MassMutual, and SkyBridge Capital are further indisputable evidence of big money investors in the flagship crypto market.
READ: Bitcoin miners are super-rich, earn $1,000,000 per hour
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 selling pressure.
READ: Computers might steal Satoshi Nakamoto’s Bitcoin fortune
This week I'm following Rafael Schultze-Kraft (@n3ocortex), CTO of glassnode which is one of the great sources for on-chain analytics for #Bitcoin
Rafael has written some very insightful articles (see one below) which you should check out
Follow Rafael!https://t.co/drr2oorYzw
— Vijay Boyapati 🦢 (@real_vijay) January 11, 2021
