Institutional players provided the key support for Bitcoin. They first kept the price above $30,000, and then pushed the cryptocurrency higher, Ki Young Ju, CEO of Crypto Quant, said.
According to him, many institutional investors bought Bitcoin at around $30,000.
There are many institutional investors who bought $BTC at the 30-32k level. The Coinbase outflow on Jan 2nd was a three-year high.
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
— Ki Young Ju 주기영 (@ki_young_ju) January 13, 2021
If these guys are behind the bull run, they’ll hold the $30,000 level. Even if there is a drop, it would not lead to a fall below $28,000 — Ki Young Ju says.
On January 11 the price of Bitcoin fell below the $31,000 level, but then the quotes recovered to around $33,000–$34,000. On January 14, in 24 hours the price rose by $4,000. At the time of writing the cryptocurrency trades at around $40,000.
Earlier, Galaxy Digital founder Mike Novogratz said that institutional investors have not yet satisfied their interest in cryptocurrencies.
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