New ATH for Bitcoin (BTC): and the bulls could still run a few thousand dollars before the bears wake up from their sleep.
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Institutional and retail investors: a bullish team game
Bitcoin climbed above $ 35,770 today, January 6, 2021, hitting a new ATH. The BTC is trading at $ 35,600 at the time of writing. He recorded a daily gain of 6.24%, which represents an amount of $ 2,091.
The crypto analyst Alex saunders tweeted today indicating that the volume of Bitcoin and D’Ether (ETH) recently peaked at $ 110 million, as data from Google Trends rather, seem to indicate that retail investor demand has yet to reach its 2017 level.
The launch of crypto services PayPal could explode the adoption of Bitcoin by retail investors in 2021. Continuing to achieve new ATHs, Bitcoin made headlines in mainstream media, a free advertisement that should also be the source of a massive entry of new bitcoiners into the markets.
Institutional investors are therefore not the only ones supporting the current bullish rally, even if a single massive purchase of Bitcoins of a Grayscale and a MicroStrategy is always welcome for a boost.
Open interests on derivative markets BTC hit a new ATH, at over $ 11 billion.
This explosion of open interest increases the risk of liquidations and the greater or lesser pressure to sell on the markets.
The price of BTC could possibly be significantly corrected with a decrease in the rate of accumulation of BTC by institutional investors.
The CEO of Cryptoquant, Ki Young Ju, had indicated that the BTC would reach a new local high when buyer demand for the Grayscale Bitcoin Trust will stagnate.
Institutional investors may slow down their pace of Bitcoin acquisition, but PayPal is sort of a guarantee that the rate of adoption of BTC by retail investors will explode over the long term. The 40,000 USD is now the next token level for bulls to conquer. We know who will be in the White House – and who will be “fired” – at the end of January but, it is difficult to guess for the moment at which level Bitcoin will close this month of January 2021.
Litecoin, welcome in the Silver Age