Institutional players provided key support to Bitcoin. They first held the rate above $ 30,000 and then pushed the cryptocurrency upward, said Crypto Quant CEO Ki Yoon Joo.
According to him, many institutional investors bought Bitcoin at around $ 30,000.
There are many institutional investors who bought $ BTC at the 30-32k level. The Coinbase outflow on Jan 2nd was a three-year high.
Speculative guess, but if these guys are behind this bull-run, they’ll protect the 30k level. Even if we have a dip, it wouldn’t go down below 28k. pic.twitter.com/3GXLpjyWbp
– Ki Young Ju 주기영 (@ki_young_ju) January 13, 2021
“If these guys are behind the bullish growth, then they will keep the $ 30,000 level. Even if there is a collapse, it will not lead to a fall below $ 28,000,” said Ki Yoon Joo.
On January 11, the bitcoin price fell below $ 31,000, but then the quotes recovered to $ 33,000- $ 34,000. On January 14, the rate increased by $ 4,000 in 24 hours. At the time of writing, the cryptocurrency is trading at around $ 40,000.
Recall that the founder of the Galaxy Digital crypto bank, Mike Novogratz, is sure that the institutionalists have not yet “even come close” to satisfy their interest in cryptocurrencies.
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