The Bitcoin price finds weak support at $ 35,000 after falling 7.4% in the last hours of January 19.
According to Cointelegraph shareholder Joseph Young, the adjustment was primarily a result of the insane derivatives market and uncertainty about whether BTC could return to the $ 40,000 level. Data from Cointelegraph and TradingView markets show that the bitcoin (BTC) price fell to $ 33,400 before returning to $ 35,000.
Not everything was lost for the leading cryptocurrency, but when News News BlackRock, a multi-billion dollar asset manager, submitted documents to the US Securities Commission indicating the possibility of using Bitcoin derivatives and other assets as part of the investment scheme.
According to a Decentrader filbfilb analyst, Bitcoin may be “stuck in a consolidation trap between $ 30,000 and $ 38,000”, with a large number of buy orders currently “accumulating between $ 30,000 and $ 33,000”.
According to the filbfilb analysis:
“Demand for $ 30 was tested today and has recovered since then, with Coinbase’s price passing the fall. The market fears the demand area, as funding shows.”
The analyst further said that he did not expect further decline, and the consolidation is likely to continue for a longer period. Philbfilb also noted that the issuance of the New Tethers (USDT) was recently suspended, but that new funds were released on January 20 following a request from iFinex Inc for a 30-day extension to prepare legal documents for the New York Attorney General.
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The S&P 500, NASDAQ and Dow ended the day in positive territory, gaining 1.39%, 2.31% and 0.83% respectively. The S&P 500 and NASDAQ indices also reached full-time highs during the trading day.
While most cryptocurrencies are losing money, Polkadot (DOT) has resumed its bullish trend, rising 5.04%. The only other cryptocurrency that offers noticeable gains is VeChain (VET), which is up 11.47%.
Hedera Hashgraph (HBAR) also had an impressive performance, increasing 44% overnight and currently trading around $ 0.0984. REN is also higher today, adding 15.94% in the last 24 hours.
The total market value of cryptocurrency is now $ 995.5 billion dollars, and Bitcoin’s dominance rate is 64.8%.