• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
Nexo Logo

Bitcoin Almost Taps $28,000 in Continued Holiday Rally

Nick Chong by Nick Chong
2 years ago
in BTC
Reading Time: 2 mins read
Advertisement

Bitcoin has continued to erupt higher, even as certain traders have asserted that the market is clearly overbought. As can be seen in the chart below, BTC recently moved toward $28,000. While it did not manage to tap that level, it peaked at $27,900 on top exchanges.

Bitcoin currently trades for $22,700 as buying pressure has temporarily paused.

There are some that think that BTC could target $30,000 in the near term as the trend remains positive and as institutional players continue to flood into space.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom

Bitcoin Ready to Move Even Higher?

Travis Kling, the founder of Ikigai, says that Bitcoin could move even higher due to the lack of institutional exposure to this space. While there have been billions siphoned into BTC over recent months by institutional players, most still have little exposure to the space and may seek to gain exposure as the price continues moving higher with little sell-side liquidity:

“It’s rapidly becoming clear that the pain trade in #Bitcoin is much higher. It’s apparent that institutions are coming in w/ big checks. Much of that capital still has to “get through docs” and “investment committee”. They thought they’d buy $20k. They’ll be lucky to buy $30.”

It's rapidly becoming clear that the pain trade in #Bitcoin is much higher.

It's apparent that institutions are coming in w/ big checks. Much of that capital still has to "get through docs" and "investment committee".

They thought they'd buy $20k. They'll be lucky to buy $30.

— Travis Kling (@Travis_Kling) December 26, 2020

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Many others in the space have shared a similar opinion.

At this point, where Bitcoin is in price discovery with no known support or resistance levels, those that want exposure to the space may opt to buy the cryptocurrency now in expectations they can flip it months down the line for much more, even barring a short-term sell off.

MicroStrategy made this much clear just recently when it purchased nearly $650 million worth of BTC at a cost basis of ~$22,000.

There were many on Twitter arguing that this was unwise, considering BTC’s 100% gain over recent months. But, as evidenced by this rally, this may not be the case.

Bigger Than Visa

Bitcoin now touts a bigger market capitalization than Visa, making it the world’s most valuable payment network.

It has also recently become the world’s 20th largest currency by total money supply, according to data shared online.

#Bitcoin soars past $27K, Has risen >$2.5K in a little over a day; Market Cap now tops $500bn. This also makes Bitcoin bigger than #Visa. pic.twitter.com/vF9RNonKHW

— Holger Zschaepitz (@Schuldensuehner) December 27, 2020

Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Bitcoin Almost Taps $28,000 in Continued Holiday Rally
Tags: btcusdBTCUSDTxbtusd
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Related Posts

Bitcoin

TA: Bitcoin Recovers Sharply, Why BTC Could Still Struggle Above $20,500

11 hours ago
Bitcoin

TA: Bitcoin is Plunging, But It’s Too Early to Say Bulls Have Given Up

1 day ago
Bitcoin bear

Holding Back The Bears: Why Bitcoin Must Break $22,500

2 days ago
Bitcoin

TA: Bitcoin Turns Red, Why BTC Could Trade To New Monthly Lows

2 days ago
Bitcoin

TA: Bitcoin Dips Further, Why BTC Could Revisit $20K

3 days ago
bitcoin bollinger bands

Bitcoin Monthly Tags Lower Bollinger Band, Tool’s Creator Hints At Bottom

4 days ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
BC.Game

BC.Game

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
BC.Game

BC.Game

Review · Visit

U Promise Me: The Digital Promise Platform

July 1, 2022

XT.com Lists Land of Fantasy (LOF) With USDT Trading Pair

July 1, 2022

LYOTRADE Launches Crypto Loans—Get USDT and Win Against Volatility

July 1, 2022

Torches Genesis NFT Launching, Win Torchlight NFT to Unlock IDO Allocation

June 30, 2022

Crypto News Flash: Best Meme Coins to Explore in Bear Market 2022 – Floki Inu (FLOKI), Akita Inu (AKITA) and RoboApe (RBA)

June 30, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.