Bitcoin has undergone an extreme rally over the past day, surging from the $33,000 region past $37,000 as of this article’s writing. The cryptocurrency now sits above $37,000 for the first time since the weekend and is up 10% in the past day’s trading session.<\/p>\n
The cryptocurrency is outperforming altcoins in this move higher. While Bitcoin has gained 10% in the past day’s trading session, altcoins such as Ethereum and XRP are only up 3-5%.<\/p>\n
Analysts think that the Bitcoin price bottom may be in after the correction to $30,000 earlier this week, which caught many traders off guard.<\/p>\n
Ki Young Ju, the chief executive of CryptoQuant, commented that there was a large amount of buying pressure on spot exchanges at the $30,000-32,000 range. This is evidenced by the fact that there was a large amount of capital outflows from centralized exchanges on the date of the drop, suggesting accumulation by large players:<\/p>\n
\u201cThere are many institutional investors who bought $BTC at the 30-32k level. The Coinbase outflow on Jan 2nd was a three-year high.\u201d<\/p><\/blockquote>\n
\nThere are many institutional investors who bought $BTC<\/a> at the 30-32k level. The Coinbase outflow on Jan 2nd was a three-year high.<\/p>\n
Speculative guess, but if these guys are behind this bull-run, they'll protect the 30k level. Even if we have a dip, it wouldn't go down below 28k. pic.twitter.com\/3GXLpjyWbp<\/a><\/p>\n
— Ki Young Ju (@ki_young_ju) January 13, 2021<\/a><\/p><\/blockquote>\n