May 28, 2023

Bitcoin Rises to $ 8,000 Thanks to Institutional Investors

Bitcoin Rises to $ 8,000 Thanks to Institutional Investors

Last Friday, January 10, the Bitcoin exchange rate fell below $ 8,000 and on some trading floors tested the lows at $ 7,719. The last time, at about the same level, the first cryptocurrency was on January 7.

The biggest spurt this week occurred on Wednesday, when Bitcoin tested values ​​above $ 8,300.

An increase in investment in the crypto sphere has occurreddue to investors' concerns over the worsening of US-Iranian relations, analysts say. After U.S. President Donald Trump announced that no military conflict in the Middle East was worth the wait, an outflow of capital began from Bitcoin.

Support returned on Friday evening, and already on the night of Saturday, January 11, BTC grew to $ 8100. Bitcoin's market capitalization now stands at just over $ 147 billion.

The coin was able to strengthen due to increased support from institutional capital, which entered the Bitcoin futures market.

According to the Skew service, large players took advantage of the drop in BTC value and invested about $ 20 billion in bitcoin futures.

Moreover, analysts note that trading volumescontinue to add, so there is a high probability of an early return of previously lost positions. Moreover, BTC did not fall below the support level of $ 7800, previously indicated by trader Josh Rager, which was a positive factor for bitcoin.


Rate the publication