Thoughts on the crypto market on 01/28/2021

Over the past day, Bitcoin went below 30K three times, but the straits were bought out, the last few hours the main cryptocurrency has been trading in the range of 30360-31535.

At the time of this writing, Bitcoin is worth 30960.

Market capitalization 918 billion, dominance index 63.0%.

Stock markets were falling yesterday. The Dow Jones lost 2.05%, the Nasdaq fell 2.61%, the S&P 500 fell 2.57% to close at 3750.77.

Several factors influenced the market - a weak Boeing report, a rise in the dollar index, the story of GameStop, when a group of Reddit users put a hedge fund, which was playing to reduce the shares of a small company, to the brink of ruin.

Since all this was against the background of a highly overheated market, which has been growing since the beginning of November with practically no pullbacks and without any connection with the state of affairs in the real economy, the markets fell at a rate that has not been seen since February-March 2020.

Now S&P 500 futures are showing continued decline.

Asian markets are also falling, the dollar index is growing.

I think the market situation will speed up the adoption of the aid package. But there is still intrigue in how the SEC will react to the activities of these guys from Reddit, who have already tipped three funds and are not going to stop, no matter how they start business on them and block Reddit, as is the custom in the United States lately. But the guys are great, they work beautifully. We will be glad to see them on the crypto market, where they will obviously soon appear.

Bitcoin went below 30K three times in the last 12 hours. Now he is back above 30600 and is trying to go higher. To return to the previous range, the main cryptocurrency needs to gain a foothold above 31300-31500. If Bitcoin does not do this within a few hours, it is likely that it will once again move towards 27-28K.

On Friday, the expiration of options for 3 billion, further will be the opening of new ones. Therefore, both downward spills and upward shots are possible, from which marginals will suffer, who do not correctly manage risks, and those who like to place stops on the spot. And the priority option is to return Bitcoin above 31500-32000 and return the market capitalization to 1 trillion next week.

Interestingly, the US venture capital company Union Square Ventures is going to enter Bitcoin for a quarter of a billion. The well-known exchange KuCoin has added XRP trading.

Start mining bitcoin now

Start trading bitcoin now

Category: Analytics | Views: 96 | Added by: andryvrozhkov | Tags: #Bitcoin #Bitcoin Price #BTC | Rating: 5.0/1
Total comments: 0
Name *:
Email *:
Code *:
Bitcoin Drops $14,000: Buy the Dip! (0)
Square saw 1 million users buy bitcoin for first time during January’s upswing, CFO says (0)
Warren Buffett: Forget Bitcoin and Buy These Stocks Instead (0)
177-Year-Old Swiss Bank Adds Bitcoin, Ethereum Trading (0)
MicroStrategy buys over $1bn worth of bitcoin (0)
$5 Million Worth of Satoshi-Era Bitcoins on the Move for the First Time (0)
Report: Bitcoin Mining Firm Northern Data AG Plans for a $500 Million IPO (0)
1 billion people will store life savings on their phone in Bitcoin by 2026 — MicroStrategy CEO (0)
Janet Yellen Warns Bitcoin Is 'Extremely Inefficient' and 'Highly Speculative' as BTC Price Plunges (0)
Elon Musk Sends Eggplant Emoji to Peter Schiff About Bitcoin, Here's What It Means (0)