Bitcoin hits $ 34K resistance, altcoins on the rise

It took a short time for the Bitcoin (BTC) price to drop below $ 30,000. The biggest cryptocurrency found a new wave of support after MicroStrategy announced that it purchased $ 10 million of BTC at the bottom price.

According to Cointelegraph Markets and TradingView data, BTC has gained close to 5 percent in the last 24 hours, reaching as high as $ 33,866. The crypto currency is trading at around $ 31,800 as of the time of translation broadcast.

Bitcoin Price Index: 1 Bitcoin How Many TL? (BTC TL)

In the wake of Bitcoin’s recent surge, although some analysts say BTC is a cyclical asset rather than a protection tool, individual investors have started to show interest in cryptocurrencies in general.

The daily performance of the crypto money market. Source: Coin360

Even the Bank for International Settlements has recognized that digital currencies can be useful. The agency announced its plans to conduct several central bank digital currency trials this year.

Some investors seem to follow Warren Buffett’s advice to “buy while taking blood” after the Bitcoin fear index also turned from “excessive ambition” to “fear”.

Institutional investors are aware of the regulatory risk

Chad Steinglass, Head of Trading CrossTower, thinks that the correction in the bitcoin price may have been triggered by criticism of the cryptocurrencies by Janet Yellen, the new US treasury minister.

Before Yellen’s comments, Bitcoin was undergoing “post-correction consolidation” and was hovering between $ 34,000 and $ 38,000.

4-hour chart of the BTC / USDT pair. Source: TradingView

Steinglass suggested that institutional investors will determine Bitcoin’s next step:

“$ 31,000 is a strong resistance, so at least not everyone is selling. It remains to be seen whether they can hold onto this support or whether organizations will continue to accumulate. If institutional investors continue to buy Bitcoins, I think the trend will re-create. “

Altcoins on the rise

Many leading altcoins have managed to get out of the weekday correction. Polkadot (DOT) gained 5 percent to $ 17.2, Chainlink (LINK) gained close to 12 percent to $ 23, while Tezos (XTZ) gained 7.5 percent to $ 3.10.

The total market cap of crypto currencies was $ 937 billion, while Bitcoin’s market dominance was 63 percent.

Check Also

DeFi users expect the industry to gain momentum again

Decentralized finance (DeFi), which is based on platforms such as Uniswap (UNI), SushiSwap (SUSHI) and …

Leave a Reply

Your email address will not be published. Required fields are marked *