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

Bena Ilyas

Last Updated: October 26, 2024 4:51 pm

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%.

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.

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.

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