Cryptocurrencies

Bitcoin (BTC) January 13, 2021 – Institutionals devour troughs – Cryptocurrencies

Bitcoin (BTC) continues to recover from its major correction that rocked $ 30,000. Some analysts have high expectations of institutional investors; the bulls resume their course, but the latter is slower compared to that before the major decline of BTC.

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1st round of 9: the institutional game has barely started

Bitcoin descended to the level of $ 32,470 today, January 13, 2021, before climbing back above $ 36,000.

The BTC is trading at $ 36,018 at the time of writing. He registers a daily gain of around 2.80%, which is an approximate amount of $ 990.

Bitcoin continues to recover from its major correction which brought it down to the $ 30,000 level. For some analysts, institutional investors are buying the lows.

In an interview with Yahoo Finance, the CEO of Galaxy Digital, Mike Novogratz, indicated that institutional investors who were not yet in the markets BTC 6 months or 1 year ago, have not yet filled their stock of Bitcoins.

For Novogratz, the investment of institutions in the BTC would only be in its first run out of a total of 9, with the entry of insurance companies, asset managers, etc.

The CEO of Galaxy Digital provides a BTC to USD 50,000 in the short term thanks to institutional support.

Tenacious bulls, a complicated race

Although the bulls seem to have regained control of the markets in the short term, for the moment they are not able to quickly regain the path towards the 41,000 USD, a level from which it had suffered a major pullback.

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Despite the support of institutional investors, the bullish rally in Bitcoin is behind many sales with bitcoiners wanting to profit from the current rise in BTC. The dollar has gained a few points recently, complicating the running of the bulls.

Have Bitcoin sell-offs of the past few days weakened resistance levels between $ 40,000 and $ 42,000? Will the next $ 42,000 bull attack take BTC to $ 45,000? The continuity of the bullish rally over the medium and long term would therefore depend in part on institutional investors. If the latter turned their backs on Bitcoin, should we expect a crash following a cascade break of many major supports? As long as governments continue to gamble with cash printing, this disaster scenario is unlikely to happen.

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