Bitcoin refuses to ‘dieas BTC price hits $40K just three days after crash

Биткойн (BTC) surged higher on Jan. 14, достижение $40,000 on Coinbase amid fresh evidence of new large buys on exchanges.

BTC/USD weekly price candles (Coinbase). Источник: Tradingview

BTC price adds $10,000 в 3 дней

Data from Cointelegraph Markets and TradingView tracked BTC/USD as the pair delivered even more bullish surprises during Thursday trading, adding over 17% в 24 часы.

The uptick is the latest bullish sign to come from Bitcoin price action, which just days ago focused on levels not much above $30,000.

The revisiting of $40,000 came hours after BTC/USD entered and appeared to flip a crucial resistance zone to support at around $38,000.

That one needs to flip. If it does, we’ll be eager for new all-time highs. If not, more consolidation likely,” Cointelegraph Markets analyst Michaël van de Poppe summarized in a prior tweet.

Others were already bullish beforehand. Тайлер Винклвосс, co-founder of Gemini exchange, referenced various press reports of acrashin Bitcoin as it slid to $30,250 earlier in the week. He told Twitter followers:

They said #Bitcoin died on Monday, но сейчас оно превышает 37 тыс.. Не слушай шум, stay focused.

Did nocoiners really think #Bitcoin wouldn’t bounce back? Это год Металлического Быка. $100k is inevitable,” Blockstream CSO Samson Mow added.

Stimulus and buy-ins buoy Bitcoin bulls

Bears losing their grip complements wary sentiment on the U.S. dollar as President-elect Joe Biden was set to announce a new coronavirus stimulus package reportedly worth trillions of dollars. While official details were still expected at press time, it was thought that it would include personal stimulus checks of $2,000 to eligible Americans.

“I think positioning in risk assets is becoming a concern, so there could be a squeeze in the dollar near-term,” Shusuke Yamada, chief Japan FX strategist at Bank of America in Tokyo, told Reuters about he USD outlook.

“I am focusing on gradual dollar weakness in 2021.”

Соединенные штаты. dollar currency index (DXY), with which Bitcoin traditionally shows inverse correlation, nonetheless continued its march higher on the day prior to announcements from Washington.

Bitcoin exchange outflows chart. Источник: CryptoQuant

Accompanying that rise was a similar rebound in funds removals from Bitcoin exchanges. As noted by on-chain analytics resource CryptoQuant, a single hour on Thursday sawunusualoutflows from three large trading platforms, indicating mass buying had taken place.

Binance led the interest, с участием 6,051 BTC ($233 миллион) withdrawn during that time, followed by BitMEX with 951 BTC ($37 миллион).

If it’s an OTC deal, it would be a bullish signal as institutional investors are buying.

Binance sent BTC to a couple of unknown cold wallets. These transactions could be related to internal transfers or OTC deals,” CryptoQuant CEO Ki Young Ju told Cointelegraph in private comments.

Как сообщает Cointelegraph, similar spikes in exchanges outflows had occurred during recent upward price trends.

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Источник: Cointelegraph

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