The Bitcoin dip is not over yet. Analyst predict that the short-term price woes may continue to ,000. On Thursday, the cryptocurrency fell by 13% in a spot market well-off. Earlier on Friday, it hit a low of ,845, the lowest since January 4. Few hours after, the Cryptocurrency regained a quick run to ,000 before pulling a stop. At 12:42 GMT, the pioneer cryptocurrency was trading at ,645. Ki-Young Ju, the CEO of blockchain analytics firm CryptoQuant mentioned highlighted a negative “Coinbase premium” as a prove of the weak dip demand from large investors. I’m not sure the low of ,000 seen early Friday is the bottom CryptoQuant’s Coinbase premium indicator measures the spread between Coinbase’s BTC/USD pair and Binance’s BTC/USDT pair, which includes the stablecoin tether
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The Bitcoin dip is not over yet. Analyst predict that the
On Thursday, the cryptocurrency fell by 13% in a spot market
I’m not sure the low of $28,000 seen early Friday is the bottom
CryptoQuant’s Coinbase premium indicator measures the spread between Coinbase’s BTC/USD pair and Binance’s BTC/USDT pair, which includes the stablecoin tether (USDT, +0.08%). Strong institutional inflows is seen with a positive spread. This is because Coinbase is seen a high
Although prices have regained to $31,000, the spread is on the negative. Suggesting a lack of demand from big institutional investors. The coinbase premium fell to $-227 in the last 24 hours. Which, according to Ju, Bitcoin consistently traded at a premium of over $50 on Coinbase during the $20,000 to $40,000 bull rally.
For Grayscale, the Grayscale Bitcoin Trust Premium, the premium has all almost evaporated. A sign of weakening institutional demand. While retail investors directly but Bitcoin on the spot market, many institutional investors invest through Grayscale Bitcoin Trust for regulatory reasons.
Matthew Dibb, COO and
short-termsupport on Thursday, and while the market is trading positively now, we may see lows down to the $26,000 mark in the coming weeks
According to popular Twitter trader “Cred,” a move above $35,000 is needed to abort the bearish view. He said:
$BTC, which would likely underperform in those circumstances, must reclaim $35000s at least.
No clear read from me in these conditions.
Absent those setups, just gonna chill and avoid burning through trading fees.
— Cred (@CryptoCred) January 20, 2021
Patrick Heusser, head of trading at
That level could be put to the test, as the derivative market is more relaxed now, and we have seen some good buying interest around $30,000. The perpetual funding rates and futures premium are reverting toward their mean from elevated levels observed earlier this month when bitcoin was trading near record highs.
Down but stacking
Despite the dip, it seems that many are still hopeful of what the cryptocurrency will bring. At least, Bitcoin is still up 6% on a
Veteran investors in Asia are holding strong and taking the opportunity to stack higher. The history of bitcoin is littered with such shakeouts, and we expect a whipsaw reversal to $50,000 in short order.
Bitcoin has continued to take a beating throughout the week. There’s renewed interest in regulations and bearish comments by influencers and popular investors.
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