Chinese New Year may be the time BTC price sell-off may happen

One analyst has predicted that BTC is trying hard to get back to $35K as he believes that miners will carry on selling their Bitcoins prior to Chinese New Year.

Share

BTC shortly touched $38K once again on January, 29 while it moved back where it was trying to get back to the 35K channel the whole day.

This sharp rise in Bitcoin price could have been in part the result of Elon Musk’s recent activity on his Twitter account. He changed his Twitter profile to “#Bitcoin”. He posted a mysterious tweet afterwards saying: “In retrospect, it was inevitable.”

Dogecoin also made great impressions among traders and throughout Twitter. It set a new record for its ATH at $0.078 but before recovering to trade at $0.045, it was corrected by 41%.

tcyhkl.png Daily cryptocurrency market performance. Source: Coin360

Such expansions are attributed to DODGE and r/Wallstreetbets. FTX crypto exchange created a WSB (Wall Street Bets) index which is used to track the price of BlackBerry (BB), Nokia (NOK), GameStop (GME), Silver (SLV), AMC Theaters (AMC), DOGE, and the FTX Token (FTT) through a weighted average of their prices.

An unlikely result with miners selling

In the last years whenever Bitcoin miners started selling their BTC, they had a huge negative impact on the BTC price, but this was not the case this year. Despite the fact that BTC miners are imposing an unprecedented selling pressure since July 2019, the price is not dropping in long-term

sdbdfb.png Bitcoin miner’s outflow. Source: CryptoQuant

The arrival of DeFi and the rising interest of institutions are certain driving forces behind the Bitcoin Price increase. The forthcoming Chinese New Year is nearing while the market key support level is $34K. The expiration of $4.9 billion BTC futures seems to have had little significance for the market and BTC, however, altcoins seem to be rising. As a case in point, DOGE is now in the top 10 among other altcoins that have surged and had a bullish breakout.

Categories

Cryptocurrency(5)

Latest News

Shiba Inu surges more than 240% in a few days, enthralling investors and surprising traders.

Shiba Inu jumped in price only in a few days and holders had a gain of over 240% based on the time and day of their purchase. ...

OCT 08, 2021

China tightens its grip more on crypto and its operations

The Chinese government is battling cryptocurrencies once again, and to this end, the Chinese central bank is establishing a "coordination mechanism" with state ...

SEP 24, 2021

NFT Company helps Afghan women gain access to education

While the Taliban are taking over Afghanistan, Bookblocks.io is joining forces with a US-based organization to help Afghan women have access to education. ...

SEP 22, 2021

Optimism new upgrade: ‘one-click’ roll-up deployment enabled

Optimism uncovered its new upgrade while a completion for layer-two scaling solutions is heating up. ...

SEP 20, 2021

Tags

Altcoin

Bullish Trend

Bull Market

Bitcoin

Tags

Altcoin

Bullish Trend

Bull Market

Bitcoin