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.
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.
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.
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.
Rafael has written some very insightful articles (see one below) which you should check out
— Vijay Boyapati (@real_vijay) January 11, 2021