Bitcoin’s uptrend driven by the regain of interest from institutional money
Julien Moretto – 22 Jan 2020
This week was mainly a week of consolidation in the cryptocurrency market. Bitcoin is stable over the last seven days, losing just 1%. Sideways action continues around €7,800 ($8,600). This consolidation pattern is still positive for the uptrend that began in early January, as long as the price remains above $85,00. A breakout of the €8,400 ($9,200) level would open the way to a run at the symbolic $10,000 level.
The best performances remain on the altcoins market. Assets such as Ethereum Classic or Dash gaining respectively 37% and 24% over the week. Volumes on Bitcoin derivatives, which are appreciated by institutional investors, are up sharply. Some statistics provided by the CME Group show an increase of long positions on Bitcoin. Here is ou market analysis.
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