• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Sensei Inu Logo Sensei Inu Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino
Breaking News: Breaking: Bitcoin Repayment Plan Gets New Deadline From Mt. Gox Trustee
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino
Bitcoinist.com
No Result
View All Result
Breaking News: Breaking: Bitcoin Repayment Plan Gets New Deadline From Mt. Gox Trustee
OKEx Utility Token OKB Blasts Off To New ATH As Crypto Trend Continues

Bitcoin Paints New Record High Above $35,000 on Dollar Setback

Yashu Gola by Yashu Gola
3 years ago
in Bitcoin
0

Bitcoin logged more record highs in its first official trading week of the year, raising hopes that it would keep rallying higher after closing the previous year with a gain of 302 percent.

The benchmark cryptocurrency opened Wednesday with a wild upside move. It reached a new historic high of $35,868 ahead of the London opening bell. The gains appeared as a part of a retracement rally that started when BTC/USD slumped from its previous record high of $34,810 to $27,678, suggesting incredible support for the pair despite overbought sentiments.

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT
Bitcoin corrects lower after hitting fresh highs above $35,000. Source: BTCUSD on TradingView.com

The Dollar Sentiment

In the last 24 hours, Bitcoin’s gains also surfaced as the US dollar slipped further lower into its 10-month long bearish trajectory. On Wednesday, the US dollar index reached 89.275, its lowest level since April 2018. According to Reuters, investors reduced their greenback bids while waiting for the outcome of a Senate run-off election in Georgia.

US Dollar, DXY
US Dollar index hits a two-year low on declining demand. Source: DXY on TradingView.com

Democrats will take control of the Senate house if they win both seats in Georgia. That would allow the President-elect Joe Biden’s administration to pass additional stimulus measures, including the earlier proposed $2,000 check for Americans, without facing political resistance in both the houses.

The sentiment has barred an oversold US dollar from rebounding. Meanwhile, Bitcoin ventures further into overbought territory due to its negative correlation with the greenback. Independent market analyst Alex Krúger noted the same in his note Tuesday.

“Increasing Dem odds have been pushing assets since November, from bitcoin to the dollar to yields, all expressions of the same macro trade with their own particularities,” he said.

Fundamental Push for Bitcoin

Bitcoin’s explosion above $35,000 also comes in the wake of an institutional investment narrative.

On Monday, strategists at JPMorgan said in a note that BTC/USD could surge to $146,000 by the end of 2021 as it competes with gold for the best safe-haven status. A day later, Skybridge Capital launched a crypto-centric fund with a $40 million investment. The hedge fund’s founder Anthony Scaramucci called Bitcoin better than gold.

“It’s easier to store, it’s harder to steal, and it’s more portable,” he told Bloomberg. “So therefore, it’s become the ledger or the storage of the future in terms of the storage of value.”

The fund would allow accredited investors to gain exposure in the Bitcoin market with a minimum investment of $50,000. Fidelity will serve as its primary custodian.

Ki-Young Ju, chief executive of South Korea-based blockchain analytics firm CryptoQuant, stated that institutional involvement in the Bitcoin market rose even as its price was above $30,000. That suggested preparations for a long-term setup with targets over $60,000 in the near-term.

“BTC bull market isn’t over,” said Mr. Ju.

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Yashu Gola

Yashu Gola

Globetrotter Yashu Gola has been working as a financial/crypto market journalist since 2013. He is an information technology graduate, a cryptography junkie, a filmmaking enthusiast, and an avid reader of Jon Erickson, Agatha Christie, JK Rowling, and Isaac Asimov.

Related Posts

Bitcoin shorters

Bullish Signal: Bitcoin Could Reach $30,000 As BTC Continues To Defy Shorters

14 hours ago
Bitcoin

Bitcoin Dominance Returns Above 50% As Altcoins Encounter Resistance

3 days ago
Bitcoin

Get Ready For Bitcoin’s Next Surge: Analyst Believes ‘This Is The Beginning’

4 days ago
Bitcoin

Bitcoin Miners Lead In Clean Energy Adoption, Surpassing 50%

7 days ago
Bitcoin

Bitcoin Critique: ‘Black Swan’ Author Courts Controversy With Provocative Take

7 days ago
Death cross bitcoin

Dreaded Bitcoin Death Cross Returns: Here’s What Happened The Last Time

1 week ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit

Press Releases

  • Ethereum (ETH) and Ripple (XRP) Show Resilience; Guaranteed...

    8 hours ago
  • HODL or LOL? Meme Coin Enthusiasts Predict Shiba Memu’s...

    9 hours ago
  • New Cryptocurrency Meminator Set to Crush the Competing...

    9 hours ago
  • From Underdogs to Titans: How Ethereum (ETH), Stellar...

    13 hours ago
  • Solana Sees Inflows, Shiba Inu Development to Lead Rally...

    13 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino

© 2023 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.