On Jan. 12 Bitcoin (BTC) price rebounded slightly as the price attempted to re-enter the $37,000 range but at the time of writing increased selling is pushing the price back toward the $32,000 mark.
While the bearish price action may have shaken out newer investors who are unfamiliar with Bitcoin’s whipsaw volatility, the recent 28% drop doesnt even maike it on the list of the top-5 worst BTC pullbacks in history. In fact, today’s 20% rebound marked one of Bitcoin’s largest one-day rebounds ever.
Daily cryptocurrency market performance. Source: Coin360
Despite Bitcoin’s swift 20% bounce, many analysts have voiced caution, warning that the top cryptocurrency is not out of the woods yet due to a high funding rate in the futures market and the growing strength of the U.S. dollar index (DXY).
Longer-term and institutional-level investors seem unmoved by the correction and likely believe that it is nothing more than a short-term pullback.
Analysts at Goldman Sachs suggested that the recent developments are a sign that “the market is beginning to become more mature,” and that the sector has great potential for growth due to the factTitle: Altcoins move higher while Bitcoin price finds resistance near $35,000
Sourced From: cointelegraph.com/news/altcoins-move-higher-while-bitcoin-price-finds-resistance-near-35-000
Published Date: Wed, 13 Jan 2021 03:44:04 +0000