{"id":455887,"date":"2021-02-03T14:16:10","date_gmt":"2021-02-03T14:16:10","guid":{"rendered":"https:\/\/ktsl888.com\/?p=455887"},"modified":"2024-06-11T08:47:41","modified_gmt":"2024-06-11T08:47:41","slug":"calls-for-bitcoin-price-rally-grows-as-600m-enter-crypto-exchanges","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/calls-for-bitcoin-price-rally-grows-as-600m-enter-crypto-exchanges\/","title":{"rendered":"Calls for Bitcoin Price Rally Grows as $600M Enter Crypto Exchanges"},"content":{"rendered":"

Cryptocurrency exchanges experienced a dramatic rise in stablecoin deposits in the previous 24 hours, instilling hopes that traders will use the dollar-pegged tokens to purchase Bitcoin.<\/p>\n

Data fetched by blockchain analytics platform, CryptoQuant, showed exchanges’ stablecoins reserves hitting a record high of 5.47 billion after adding $600 million in a day. The spike apprehensively coincided with a modest upside move in the Bitcoin market, wherein the BTC\/USD exchange rate rose by almost 3 percent to hit an intraday high of $36,888.<\/p>\n

\"Bitcoin,<\/a>
Crypto exchanges are now holding around $5.47 billion worth of stablecoins. Source: CryptoQuant<\/figcaption><\/figure>\n
Crypto exchanges are now holding around $5.47 billion worth of stablecoins. Source: CryptoQuant<\/a><\/pre>\n
Bitcoin Wedge<\/h2>\n
The latest gains came as a part of a broader recovery move that saw Bitcoin rebounding from its January low of $28,732<\/a>. Before that, the cryptocurrency had crashed by almost 30 percent from its record high levels near $42,000.<\/p>\n
Analysts now see the rally as a bullish continuation setup, wherein an asset resumes its uptrend after a brief\/prolonged period of consolidation. The ones with technical trade expertise note that Bitcoin is forming a Falling Wedge pattern that typically leads to a full-fledged breakout to the upside.<\/p>\n
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A descending wedge or a triangle, it looks like we could have a pull-back from that resistance line. If not, it would be a rather bullish sign, at least short-term. 
(The S\/R zone at $34k as well.)$BTC<\/a> $BTCUSD<\/a> #bitcoin<\/a> pic.twitter.com\/xIc249IwbX<\/a><\/p>\n
— CryptoHamster (@CryptoHamsterIO) January 29, 2021<\/a><\/p><\/blockquote>\n