Bitcoin price finds soft support at USD 35,000 thereafter a decrease of 7.4% in the later hours of January 19.
According to CoinTelegraph employee Joseph Young, the correction was mainly due to an overheated derivatives market and uncertainty as to whether BTC can recapture the USD 40,000 level. Data from CoinTelegraph Markets and TradingView shows that the price of Bitcoin (BTC) fell to $ 33,400 before rebounding to the $ 35,000 level.
However, not all is lost for the best cryptocurrency, such as news BlackRock, a multi-trillion dollar asset manager, filings to the U.S. Securities Exchange Commission, which mentions the ability to use Bitcoin derivatives and other assets as part of its investment program.
According to Decentrader analyst filbfilb, Bitcoin could be “stuck in consolidation between $ 30,000 and $ 38,000,” with many buy orders currently “between $ 30,000 and $ 33,000.”
According to filbfilb’s analysis:
Demand in the low $ 30 was tested today and has since risen, with Coinbase leading price on the decline. The market is scared in the demand zone, as shown by financing. “
The analyst went on to say a further decline is not expected and longer consolidation is more likely. Filbfilb also noted that new Tether (USDT) exports had recently been on hold, but new money was released on January 20 following a request from iFinex Inc for a 30 day extension to produce litigation documents for the Attorney General of New York.
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The S&P 500, NASDAQ and Dow all closed the trading day in green with 1.39%, 2.31% and 0.83% respectively. The S&P 500 and NASDAQ also hit new all-time highs over the course of the trading day.
While most cryptocurrencies lose money, Polkadot (DOT) resumed its upward trend by an increase of 5.04%. The only other top 30 cryptocurrency to have notable gains is VeChain (VET), which is up 11.47%.
Hedera Hashgraph (HBAR) has also put in a notable performance, up 44% overnight and is currently trading around $ 0.0984. REN also broke out today, up 15.94% in the last 24 hours.
The total cryptocurrency market cap is now at $ 995.5 billion and Bitcoin’s dominance is 64.8%.