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The Bitcoin (BTC) price has likely completed a long-term upward move with its all-time high of $42,000, reached on Jan. 8, 2021.
While Bitcoin is likely not yet done correcting, a significant bounce is expected before another drop.
For the previous long-term count article, click here.
Although bitcoin (btc) and ethereum (eth) have started to pull back, some major DeFi projects like Badger DAO are heating up and hitting all-time high prices.
This comes as no surprise to traders following the Decentralized Finance (DeFi) market.
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Bitcoin drops below $30,000 for the second time in less than a week amid Reddit users causing a surge in GameStop stock.
Below $30,000 Again
Bitcoin (btc) briefly dropped 10% today, 27 Jan, dipping below the key psychological price of $30,000.
The Bitcoin (BTC) price has been consolidating since the initial rejection on Jan. 25.
The direction of the short-term Bitcoin trend is not clear, but a bounce toward the $33,700 area seems like the most likely scenario.
Bitcoin Continues Indecision
After the rejection on Jan.
In today’s video, BeInCrypto’s Jessica Walker makes a case for an upcoming altcoin rally, popularly referred to as ‘alt season.’
With bitcoin’s (btc) dominance of the cryptocurrency market recently declining, many investors are hopeful of renewed interest in non-btc assets.
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According to sources that have intimate knowledge of the situation, Harvard, Yale, Brown, the University of Michigan, and other high profile universities have been purchasing bitcoin for their endowments.
They have been doing so directly with exchanges.
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The Bitcoin (BTC) price began a significant upward movement on Jan. 25, but was rejected by the $33,700 resistance area and has been dropping since.
Despite the considerable decrease, Bitcoin is expected to find short-term support and make another attempt at moving above this resistance area.
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The Marathon Patent Group, a publicly-traded bitcoin mining company, purchased $150 million in bitcoin during last week’s dip.
Marathon, which is listed on the NASDAQ stock exchange, purchased almost 5,000 bitcoin for $150 million. Financial services firm NYDIG facilitated the transaction.
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Michael Saylor has always been vocal about the fear, uncertainty, and doubt (FUD) surrounding Bitcoin. He firmly asserts that the digital currency is unstoppable regardless.
The Tether (USDT) debacle has been going on for a while, and market participants usually love a good crypto drama.
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The atmosphere has begun to change with the introduction of institutional bitcoin investors on a more broad scale. The fundamentals driving the crypto market, however, remain the same.
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