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Bitcoin Price Wobbles, Analysts Hope for a Bull Run

February 4, 2021 at 22:40 by Ibrahim Anifowoshe

Bitcoin was trading at $37,556 at 22:42 GMT on Thursday, gaining 0.68% in the last 24 hours. According to CoinDesk 20, in the last 24 hours, the price ranged from $36,207 to $38,731. This is above the 10-hour and 50-hour moving average on the hourly chart, implying a bullish momentum for traders and investors.

The price of Bitcoin had dropped to as low as $36,207. Then rising back up to above $37,500 at press time.

Chris Thomas, head of institutional sales for Swissquote Bank said:

Still trading around the 50-day moving average, so all good. Moved a long way back up over the last week or so again, so there’s just a little lack of energy today. And no more Elon pumps!

Although Elon Musk is not tweeting about Bitcoin as he seems to vested in Dogecoin (DOGE) at the moment. Notwithstanding this, it seems that the pioneer cryptocurrency 50-day price moving average has been bullish since October. Suggesting that Thomas is correct.

tradingview chart

One thing that is clear is that there has been some rotation out of Bitcoin and into other cryptocurrencies. Ethereum’s market cap rose dramatically as the share trading volume is now larger than ever.

coinmarket market capitalization

Chris Thomas added that Ether and other alternative coins are growing and there’s been a lot of profit taking:

Ether and the alts have been pushed quite aggressively over the last week or two so it’s a bit of profit taking. Just looking at it all, not really much of a pullback. I think it’s just a pause for a breath.

Rupert Douglas, head of institutional sales for crypto custody provider Koine insist on an undeterred outlook:

These markets are going to surprise a lot of people to the upside,” said. “Bitcoin is strong and is going to hit $100,000 this year, but ether is where you want to park your capital. We’re going to look back in three months’ time and think ETH at $1,600 was cheap

If you have any questions and comments on Bitcoin today, use the form below to reply.

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