Bitcoin (BTC) sits halfway between $ 30,000 and $ 40,000 today, January 15, 2021. Grayscale is still here to support the bulls and a green dollar is still here to give strength to the bears.
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Will the dollar accompany BTC back to $ 30,000?
Yesterday’s foray above $ 40,000, January 14, 2021, now gives way to a correction that brought the price of Bitcoin up to 35,300 USD.
The day is bearish for the BTC which currently registers a drop of 9.94%, which represents an amount of 3,905 USD. Bitcoin is trading at $ 35,376 at the time of writing.
Bulls undergo dollar revival; the greenback is regaining color despite the economic stimulus plan of Joe biden which should however cause an inflation of the dollar in the medium and long term.
The BTC ultimately failed to sustainably spend the 40,000 USD. The shadow of the $ 30,000 continues to hang.
The retour de Grayscale rhymes with a return to 40,000 USD
The data seem to indicate a Bitcoin whose continuity of the bullish rally depends even more on institutional investors.
Grayscale had reopened its services for 48 hours to welcome new investors on January 13, 2021; the BTC had then experienced a rise of 20% which allowed it to make a foray above 40,000 USD on some exchanges.
Bybt tweeted on January 14, 2021 where he mentions a Grayscale having acquired 2 172 BTC within 24 hours, bringing the value of assets under management to $ 26.39 billion.
Will institutional investors continue to buy the lows and maintain the BTC above $ 30,000?
Will the weekend be the occasion for the bears to shake the $ 30,000 once again? Bitcoin’s bearish movements are currently considered “normal” by bitcoiners. It’s hard to tell the difference in reality between the end of a bullish cycle and a healthy correction that opens up buying opportunities for investors with faith in a BTC that continues its bullish trajectory to even higher levels, on the 100 road. 000 USD. The reality is that the bulls have achieved the feat of hitting the $ 42,000 on some exchanges and, if they can’t go any further, they won’t be blamed. From less than a dollar to this new ATH: respect and too bad for the detractors!
Litecoin, welcome in the Silver Age