On Thursday, January 7, Bitcoin prices rose to new record highs, approaching the $38,200 level (Bitstamp).
Data: TradingView.
Bitcoin has just crossed $38,000! pic.twitter.com/LNuYZ89upE
— Bitcoin Magazine (@BitcoinMagazine) January 7, 2021
“Bitcoin rose by more than $20,000 in 50 days after breaching $18,000,” Binance’s team noted.
$ 38 , 000#Bitcoin has shot up by more than $20,000 since breaking $18,000 50 days ago.
— Binance (@binance) January 7, 2021
In the morning, the price of the leading cryptocurrency rose to the $37,800 level (Bitstamp) but then pulled back.
The $35,000 price level was breached about a day ago.
“The market looks absolutely amazing. It brings joy every day,” wrote trader and technical analyst Michaël van de Poppe.
The market looks completely amazing. It’s enjoyable every day.
— Michaël van de Poppe (@CryptoMichNL) January 7, 2021
Legendary trader Peter Brandt believes the price is in the middle of a parabolic move.
“Bitcoin is redefining the concept of overbought,” he noted.
Bitcoin $BTC is redefining the concept of «overbought.» Bull markets become and remain overbought. Major bull markets become overbought majorly. Historic bull markets become historically overbought. Red arrows mark midpoints of parabolic advances pic.twitter.com/OZB7IBXPbg
— Peter Brandt (@PeterLBrandt) January 7, 2021
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