decentralized finance and altcoins are moving higher as Bitcoin's price finds resistance near the $ 35,000 level.
On January 12, the price of Bitcoin (BTC) rebounded slightly as the price tried to re-enter the $ 37,000 range, but at the time of writing this article, the sell-off has resulted. The incremental price pushes the price back towards the $ 32,000 mark.
and while the downward price action has rocked new investors unaware of Bitcoin's volatility, the recent 28% drop does not put it in the list of Bitcoin's 5 worst drawdowns in history. In fact, today's 20% rebound represents one of Bitcoin's biggest one-day rebound ever.
Despite Bitcoin's rapid 20% bounce, many analysts have expressed their caution, warning that the major cryptocurrency is not yet safe due to the high funding rate In the futures market and the growing strength of the US Dollar Index (DXY).
It appears that the long-term and institutional level investors are unaffected by the correction and are likely to believe that it is nothing more than a short-term decline.
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 fact that institutional participation is only 1% of the current market.
Stocks looking for support
While Bitcoin and altcoins experienced a healthy recovery, traditional markets continued to face pressure due to the potential for continuing political turmoil in the US and concerns about the economic impact of the COVID-19 restrictions The new one
The signs of a stronger dollar are pressing on global financial markets around the world, and some analysts have warned that a strong dollar is hurting Bitcoin's price.
The major indices were under pressure throughout the day and ended mixed up at the closing bell, with the S, P500 and the Dow slightly up 0.04% and 0.19% respectively while closing The Nasdaq is down 0.08%.
altcoins show strength
It now appears that Bitcoin is entering a new range with $ 30,000 supported and $ 35,000 as resistance. When this happened, certain alternative currencies moved up and capitalized on ...
