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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

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

Bena Ilyas
Bena Ilyas
8 months ago
2 mins read

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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.”

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

Speculative guess, but if these guys are behind this bull-run, they'll protect the 30k level. Even if we have a dip, it wouldn't go down below 28k. pic.twitter.com/3GXLpjyWbp

— Ki Young Ju (@ki_young_ju) January 13, 2021

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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Bena Ilyas
Bena Ilyas

Bena Ilyas

Benna Ilyas is a finance and cryptocurrency enthusiast who has been writing about Bitcoin and the blockchain since 2021. She is an author at Bitcoinist and NewsBTC, and she also runs his blog, where he writes about all things related to crypto and finance.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
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