Chinese New Year may be the time BTC price sell-off may happen
One analyst has predicted that BTC is trying hard to get back to $35K as he believes that miners will carry on selling their Bitcoins prior to Chinese New Year.
BTC shortly touched $38K once again on January, 29 while it moved back where it was trying to get back to the 35K channel the whole day.
This sharp rise in Bitcoin price could have been in part the result of Elon Musk’s recent activity on his Twitter account. He changed his Twitter profile to “#Bitcoin”. He posted a mysterious tweet afterwards saying: “In retrospect, it was inevitable.”
Dogecoin also made great impressions among traders and throughout Twitter. It set a new record for its ATH at $0.078 but before recovering to trade at $0.045, it was corrected by 41%.
Daily cryptocurrency market performance. Source: Coin360
Such expansions are attributed to DODGE and r/Wallstreetbets. FTX crypto exchange created a WSB (Wall Street Bets) index which is used to track the price of BlackBerry (BB), Nokia (NOK), GameStop (GME), Silver (SLV), AMC Theaters (AMC), DOGE, and the FTX Token (FTT) through a weighted average of their prices.
An unlikely result with miners selling
In the last years whenever Bitcoin miners started selling their BTC, they had a huge negative impact on the BTC price, but this was not the case this year. Despite the fact that BTC miners are imposing an unprecedented selling pressure since July 2019, the price is not dropping in long-term
Bitcoin miner’s outflow. Source: CryptoQuant
The arrival of DeFi and the rising interest of institutions are certain driving forces behind the Bitcoin Price increase. The forthcoming Chinese New Year is nearing while the market key support level is $34K. The expiration of $4.9 billion BTC futures seems to have had little significance for the market and BTC, however, altcoins seem to be rising. As a case in point, DOGE is now in the top 10 among other altcoins that have surged and had a bullish breakout.
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