Bitcoin’s $35k Support Will Be Crucial During the Weekly Close. With respect to price, Bitcoin is currently trading at $37,500 after briefly dipping to the $35k support zone yesterday, January 15th.
During the latter event, Bitcoin went as low as $34,376 before battling to get back above the aforementioned $35k support zone.
Bitcoin’s woes are not yet over as BTC shall soon face the weekly close tomorrow in which the $35k support area will most likely get tested again. A failure of this support area could result in Bitcoin falling back to the crucial $32k – $30k support zone.
Quick take:
- Bitcoin has been the best performing asset in 6 of the last 11 years
- Pantera Capital CEO has pointed out that a cryptocurrency has been the best performing asset in 9 of the last 11 years
- Bitcoin is once again battling to stay above $35k
- Bitcoin is still in a bull-trend given that Deribit has just added the $400k strike in the December options contracts
The King of Crypto – Bitcoin – has been the best performing asset in six of the last eleven years. This is according to data shared by the CEO of Pantera Capital, Dan Moorehead, who highlighted that in total, a cryptocurrency has been the best performing asset in nine of the last eleven years. Mr. Moorehead went on to explain that the current ‘era of unlimited money-printing’, is the main reason why digital assets were outperforming traditional ones.
His exact comment can be found below together with the data he shared pointing out that Bitcoin has been the best performing asset in six of the last eleven years.
Even with that, a cryptocurrency has been the best-performing currency nine of the past eleven years.
In the era of unlimited money printing, paper money is no bueno.
Bitcoin is in a Bull-Market
However, Bitcoin corrections are healthy in a bull market. They allow Bitcoin to acquire additional momentum to keep pushing on up. The bullishness surrounding Bitcoin is best exhibited by Deribit recently adding the $400k strike price in its December 2021 BTC options. Such a move can only mean there is a demand for such options contracts with some traders expecting BTC to break $400k this year.
Below is a tweet by Deribit announcing the new $400k strike price to its Bitcoin options contracts.
We’ve added the $BTC 400K strike in the Dec21 expiry! 🚀
Send tweet!
– Deribit (@DeribitExchange) January 14, 2021
