On Thursday, January 14, bitcoin is trading slightly above $ 37,390. Cryptocurrency capitalization per day increased by more than 9% to $ 693.7 billion. BTC is gradually recovering positions lost as a result of the fall at the beginning of this week.
Last Monday, bitcoin on some trading floors fell to $ 30,600. However, there was no further decline. Support intensified as risks of a pullback below $ 30,000 emerged.
CryptoQuant CEO Ki Young Ju believes institutional players have provided key support for the cryptocurrency. They were the first, who kept the coin at values above $30000, and then gave impetus to the further growth of its value.
The leader of the CryptoQuant team believes that a fall below $ 30,000 is generally unlikely since institutions are not interested in such a scenario.
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They will increase support for BTC in the $ 30,000 to $ 32,000 range for bitcoin to maintain its fundamental values. It was at this level that most of the influential players bought coins. Accordingly, they are not interested in a more significant drop in the value of bitcoin.
Ki Young Ju tweeted: "Many institutional investors bought BTC at $ 30-32,000. Coinbase outflows hit a three-year high on January 2. If these guys are behind the [bitcoin] race, they will defend the $ 30,000 level. Even if we have a failure, it will not lead to a fall below $ 28,000."
There are many institutional investors who bought $BTC at the 30-32k level. The Coinbase outflow on Jan 2nd was a three-year high.
— Ki Young Ju 주기영 (@ki_young_ju) January 13, 2021
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