Bitcoin rises again above $ 8000 thanks to institutional investors
Last Friday, January 10, the bitcoin exchange rate fell below $ 8000 and on some trading floors tested the lows at the level of $ 7719. The last time, at about the same level, the first cryptocurrency was on January 7.
The biggest spurt this week came on Wednesday when Bitcoin tested above $ 8,300.
The increase in investments in the cryptosphere occurred due to investors’ concerns over the worsening of US-Iranian relations, analysts say. After US President Donald Trump announced that no military conflict in the Middle East should be expected, capital outflow from Bitcoin began.
Support returned on Friday evening, and already on the night of Saturday, January 11, BTC grew to $ 8100. Bitcoin’s market capitalization is now 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 the cost of BTC and invested about $ 20 billion in bitcoin futures.
Moreover, analysts note that trading volumes continue 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.