Has the Bitcoin Price Seen a Bottom? What Awaits the Market Now?

Bitcoin has suffered a sharp decline in the past few days and deleted more than $ 10,000. Today, BTC started to rise from the $ 33,000 zone and even surpassed $ 37,000. The leading cryptocurrency has been sitting above $ 37,000 for the first time since the weekend and has risen more than 10%. The leading cryptocurrency is outperforming altcoins with this rise. While Bitcoin gained 10% in the last day's trading session, altcoins such as Ethereum and XRP increased only 3-5%. So will the upward trend in Bitcoin continue?

k

Have you seen a bottom in bitcoin price? According to popular analysts, yes!

Analysts state that the bottom price was seen in Bitcoin after the last crash. BTC has dropped from the $ 41,500 levels to the $ 30,000 levels recently. This price collapse caught many investors and traders off guard.

CryptoQuant's CEO, Ki Young Ju, said that there is massive buying pressure on spot exchanges in the $ 30,000-32,000 range. This is evidenced by the fact that there was a large outflow of capital from central exchanges at the date of the fall. According to analysts, this shows that the big players are accumulating BTC. Ki Young Ju adds the following to his comments on the subject:

THERE ARE MANY CORPORATE INVESTORS WHO BUY BTC BETWEEN 30,000-32,000 DOLLARS. COINBASE BTC OUTPUTS ON JAN 2 WAS THE HIGHEST LEVEL IN THREE YEARS.

Ki Young Ju: If the guys are behind this bull run, they'll save $ 30,000

"If the guys are behind this bull run, they'll keep the $ 30,000 level," says Ki Young Ju. Another reason analysts think the Bitcoin price has bottomed out is the extremely high amounts of liquidation seen on Sundays and Mondays.

More than $ 2.5 billion of crypto futures positions were deleted that day due to the historical price collapse. Many analysts think this increase in liquidations, which corresponds to an increase in volume, is a likely sign that the market is at a turning point.