3 Key Reasons Why Bitcoin Price Just Exploded Past $32,000


  • Bitcoin moves past $33,500 for the first time ever after moving to $30,000 on new year’s day.
  • BTC is now up by over 10% in the past 24 hours, pushing the altcoin market higher.
  • There are a number of supply-demand factors accentuating this rally.
  • Analysts think that the market may be nearing a blow-off top.

Bitcoin Moves Past $32,500

Bitcoin just moved past $32,500 for the first time ever just minutes ago. As of this article’s writing, the leading cryptocurrency is trading at $32,600 on the top spot exchanges.

The altcoin market is also moving higher with Bitcoin’s latest leg higher. Ethereum is up 6% in the past 24 hours, moving to new yearly highs at $772.

How To Get Free Crypto  

Analysts are optimistic that altcoins have room to rally but some fear that the BTC market is on the verge of reaching a top.

Bitcoin’s latest leg higher come as the U.S. dollar has pushed down to multi-year lows as the latest stimulus bill was passed. This is one key reason why analysts think that Bitcoin’s price action has been so skewed to the upside over recent months.

Chart of BTC's price action over the past two months from TradingView.com

Other Bullish Factors

Also influencing this rally is a strong institutional bid for Bitcoin, analysts say, coupled with a lack of selling pressure on top exchanges.

The chart below was recently shared, which shows that Bitcoin is about to enter a period where there is little selling pressure on the order books. As BTC is now in price discovery, investors will have to speculate as to where they should put sell orders to secure profits.

Coinbase Banner  

Bitcoin is also moving higher as a result of short liquidations. Sites that track the short liquidation metric have indicated that in the past hour, more than $100 million worth of BTC short positions has been liquidated.

Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Macro Analysis Predicts Bitcoin Has Begun Rally Toward $100k

Go to Source
Author: Nick Chong


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.