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Bitcoin Just Passed $37k—and Analysts Say the Bottom May Be In

Bitcoin 2021/01/13 23:48 by Nick Chong

Bitcoin has undergone an extreme rally over the past day, surging from the $33,000 region past $37,000 as of this article’s writing. The cryptocurrency now sits above $37,000 for the first time since the weekend and is up 10% in the past day’s trading session.

The cryptocurrency is outperforming altcoins in this move higher. While Bitcoin has gained 10% in the past day’s trading session, altcoins such as Ethereum and XRP are only up 3-5%.

Related Reading: Wall Street Veteran Kickstarts Own Bitcoin Fund With $25m Investment

The Bitcoin Bottom Is In? 

Analysts think that the Bitcoin price bottom may be in after the correction to $30,000 earlier this week, which caught many traders off guard.

Ki Young Ju, the chief executive of CryptoQuant, commented that there was a large amount of buying pressure on spot exchanges at the $30,000-32,000 range. This is evidenced by the fact that there was a large amount of capital outflows from centralized exchanges on the date of the drop, suggesting accumulation by large players:

“There are many institutional investors who bought $BTC at the 30-32k level. The Coinbase outflow on Jan 2nd was a three-year high.”

Ki Young Ju suggests that if these “guys are behind this bull run, they’ll protect the $30,000 level.”

Another reason why analysts think that the Bitcoin price has bottomed is due to the extremely high amount of liquidations seen on Sunday and Monday.

More than $2.5 billion worth of crypto-asset futures positions were wiped out on that day due to the massive volatility downward. Many think that this spike in liquidations, which corresponded with a spike in volume, is a likely sign that Bitcoin and the rest of the crypto-asset market are at a turning point.

Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Unsplash
Chart from TradingView.com
Price Tags: xbtusd, btcusd, btcusdt
Bitcoin Passes $37,000 Amid Massive Recovery Rally

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