Temporary collapse – Some traders and investors feared another market crash. bitcoin (BTC). The markets should finally end the day in the green. Does this happy ending herald an upcoming recovery of $40,000 by BTC bulls?
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Bitcoin price below $33,000: the life-saving bounce to $36,000
The price of bitcoin drops to $32,981 on the Bitfinex exchange today, January 24, 2022. The price of BTC then rebounds sharply to cross $33,000, then $34,000, $35,000, and finally $36,000. Bitcoin is currently trading at $36,968. He records a daily profit of 4.47%.
BTC whales accentuated the magnitude of the decline in the markets. The number of holders of at least 100 bitcoins has reached its lowest level in three months at 15,923 BTC addresses, according to data from analytics provider Glassnode.
Altana Digital Currency Fund founder Alistair Milne, however, released encouraging numbers despite today’s steep bitcoin price drop. The percentage of bitcoin that has been immobile for at least 12 months has reached 60%. This number is higher compared to the percentage following the covid crash in March 2020. It is also superior to the percentages at the end of the 2015 – 2016 and 2018 – 2019 bear markets.
The bullish rally in the price of bitcoin therefore relies in part on these BTC addresses continuing to keep their assets despite this momentary drop in the price of bitcoin below $33,000.
Bullish recovery in the price of bitcoin: the FED is not a threat
The trader Michaël van de Poppe foresees a $38,000 test and possibly $40,700 following bitcoin price rebounded below $33,000.
The short-term outlook thus finally seems encouraging for bitcoin. But what regarding the medium and long-term outlook for the price of BTC?
The financial analyst known as Tasha on Twitter has dispelled fears linked to planned interest rate hikes by the US Federal Reserve in 2022. The FED plans to raise interest rates four times this year. According to Tasha, “Rate hikes don’t kill risky assets.”
The analyst recalled that “we had three rate hikes in 2017 during the biggest crypto rally ever.”
BTC traders and investors see all the colors during this month of January 2022. Will the recovery of $ 36,000 revive hopes of seeing a latest bitcoin price bullish rally before the start of a long bear market?
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