The top cryptocurrency is currently trading at $34,753 after registering a 24-hour low of $32,4871 and over the past couple of hours has tried making for the lost grounds, however, it is currently facing resistance at $37,000.
Will Bitcoin Test $28,000 Support?
The high volatility of the crypto market has resulted in the liquidation of over $2.75 billion market positions 60% of which name from Bitcoin positions. Bitcoin has managed to raise over $42,000 before trying to solidify its position above $40,000 but fell today after selling pressure continues to mount especially during Asian sessions.
Liquidated long on XBTUSD: Sell 737,111 @ 33636.5 💯💯💯💯💯💯💯🔥 ~ Double kill ~ Satoshi didn’t die for this
— REKT (@BXRekt) January 11, 2021
Bitcoin’s net support is at $28,000 if the top cryptocurrency fails to hold its position above $30,000. Market pullbacks of this magnitude might really shake new traders, but many long time hodlers seem to be unfazed who have often claimed that looking at the current bitcoin rally, a 30% pullback should not worry may.
Could US Institutions and Whales Help Bitcoin Oerome Current Turmoil?
Today’s market correction marks the highest plunge in a day for Bitcoin, just weeks after registering a similar rash of nearly $5,000. Many now hope for the US market to revive the price as has been the case during the ongoing bull run. US-based institutions are seen actively buying bitcoin, especially on Monday post the two-day weekend leading to a boost in Bitcoin market price.
In the past couple of weeks, a rivalry of sort between the Asian Whales and US Whales was observed where Asian whales were seen dumping huge loads of BTC at a premium price leading to a dip which is then followed by US whales buying the dip overnight recovering the losses incurred by bitcoin during the Asian session.
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