Over the past 48 hours, Bitcoin (BTC) has rebounded towards the $38,000 resistance, but failed to maintain it and turned to a downtrend, currently trading at around $33,500.
According to foreign media such as Reuters, Elon Musk, Tesla CEO, posted a hashtag called “bitcoin” in the introduction section of his Twitter account with over 40 million followers on the 29th. It reacted immediately and surged more than 18% in half a day.
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▲ Source: Elon Must Twitter © Coin Leaders |
As of 9:10 p.m. on the 31st (Korean time), the market cap of the No. 1 cryptocurrency (virtual asset) Bitcoin (BTC) market price in CoinMarket Cap is recording about $33,435, down 2.06% from 24 hours ago. The market capitalization is about $624.4 billion. The Bitcoin market cap share (BTC Dominance) is at 62.2%.
“If the BTC/USD pair price falls below the bullish trend line ($33,900 line) and $33,500 support line, the $31,000 support line could be threatened,” said Aayush Jindal, an analyst at the cryptocurrency media news BTC. Conversely, if the bitcoin price remains above the bullish trend line, it will show a rally and move beyond the $34,500 to $35,000 and further to the $36,400 resistance level.”
Another cryptocurrency medium, Decrypt, quoted a recent Twitter by Bill Barhydt, CEO of Abra, a cryptocurrency investment and wallet service provider, “The price of bitcoin will drop until February 28, 2021. It can range from $36,000 to $60,000,” he said.
Raoul Pal, a global macro investor and CEO of Real Vision Group, also recently said through his Twitter that “Bitcoin could break the price of $50,000 each by February.” did.
On the other hand, according to Bloomberg News, Scott Minerd, Chief Investment Officer of Guggenheim Partners, a global fund manager, said, “Today institutional investors’ demand for bitcoin investment is not enough to keep the price of bitcoin above $30,000. “No.” However, he said, “Bitcoin is an asset class that can succeed in the long term.”
Meanwhile, Bloomberg said in a column on the previous day,’If you look at the bitcoin price and data, bitcoin will become a new game stop (a video game retailer chain company) in the future.
“After Elon Musk posted a bitcoin hashtag on Twitter, prices skyrocketed. Wallstreetbets (WSB), a stock bulletin board for American online community Reddit, and the Wall Street hedge fund,” Bloomberg said. “After the peak, at the point when regulators began to evolve, Elon Musk focused his attention on Bitcoin.”
Bloomberg said, “A lot of individual investors are entering the cryptocurrency market such as bitcoin, but the hedge fund’s bitcoin short (sell) position has exceeded $1 billion. According to The Block’s data, the bitcoin price in October last year,” said Bloomberg. Hedge funds are continuing to increase their short positions after rising, and at the same time, according to a recent report by the US Commodity Futures Trading Commission (CFTC), the net short position of bitcoin futures is at an all-time high. The individual investors who received them are moving their eyes to cryptocurrency assets such as bitcoin.
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