July 29, 2021

Altcoins sell-off after Bitcoin price rejects near its $58K all-time high

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Optimism continues to percolate in the cryptocurrency sector on as recent gains in Bitcoin (BTC) have helped push the valuation of the top-ranked cryptocurrency past that of the South Korean won.

Data from Cointelegraph Markets and TradingView shows that the price of Bitcoin experienced a wave of selling in the early hours that pushed the price to a low of $54,948 before bulls returned to briefly push the price back above $57,000.

BTC/USDT 4-hour chart. Source: TradingView

Regardless of Bitcoin price action, institutional investors have consistently expressed their interest in BTC. Today, MicroStrategy announced that it had purchased another 262 BTC at an average price of $57,146, bringing the firm’s total holdings to 91,326 BTC.

According to David Lifchitz, Chief Investment Officer at ExoAlpha, how the price performs over the next few days will “show if Bitcoin is ready to reach new highs or if a pullback is on its way.”

Lifchitz pointed out that the price of BTC was down slightly on Friday after stalling “just a few basis points from its all-time high,”Title: Altcoins sell-off after Bitcoin price rejects near its $58K all-time high
Sourced From: cointelegraph.com/news/altcoins-sell-off-after-bitcoin-price-rejects-near-its-58k-all-time-high
Published Date: Fri, 12 Mar 2021 22:30:00 +0000