{"id":161170,"date":"2021-01-23T05:15:07","date_gmt":"2021-01-23T02:15:07","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/altcoins-rally-while-bitcoin-bulls-are-thwarted-by-resistance-at-34k\/"},"modified":"2021-01-23T05:15:07","modified_gmt":"2021-01-23T02:15:07","slug":"altcoins-rally-while-bitcoin-bulls-are-thwarted-by-resistance-at-34k","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/altcoins-rally-while-bitcoin-bulls-are-thwarted-by-resistance-at-34k\/","title":{"rendered":"# Altcoins rally while Bitcoin bulls are thwarted by resistance at $34K"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a41423c4a81e\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a41423c4a81e\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/altcoins-rally-while-bitcoin-bulls-are-thwarted-by-resistance-at-34k\/#Institutional_investors_are_wary_of_future_regulation\" >Institutional investors are wary of future regulation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/altcoins-rally-while-bitcoin-bulls-are-thwarted-by-resistance-at-34k\/#Altcoins_bounce_back\" >Altcoins bounce back<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Altcoins rally while Bitcoin bulls are thwarted by resistance at $34K <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-5a136f3a>Bitcoin\u2019s (BTC) tumble below $30,000 was short-lived as the top cryptocurrency found a new wave of support, including a $10 million \u2018buy the dip\u2019 moment from MicroStrategy.\u00a0<\/p>\n<p>Data from Cointelegraph Markets and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\">TradingView<\/a> shows the strong inflows have helped lift BTC 4.92% to a daily high at $33,866. <\/p>\n<p>As the prospect of the Biden administration passing massive stimulus packages to help get the United States economy going again, conversations about Bitcoin becoming a reserve currency are beginning to pop up again.<\/p>\n<p>Although Bitcoin\u2019s recent volatility has some analysts saying BTC is a cyclical asset rather than a hedge, the price recent movements have caught the eye of retail investors who have shown a renewed interest in cryptocurrencies in <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a>. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-01\/44b191ec-288b-40a8-844f-f02ce20a1877.png\"><figcaption style=\"text-align: center;\"><em>Daily cryptocurrency market performance. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coin360.com\/\"><em>Coin360<\/em><\/a><\/figcaption><\/figure>\n<p>Even the Bank of International Settlements has acknowledged that digital currencies may have use and the organization has outlined plans to roll out a variety of central bank digital currency trials this year.<\/p>\n<p>Now that the Bitcoin fear index has flipped from \u201cExtreme Greed\u201d to \u201cFear,\u201d some investors <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ear to be taking Warren Buffet\u2019s advice of \u201cbuying when there is blood on the streets\u201d.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Institutional_investors_are_wary_of_future_regulation\"><\/span>Institutional investors are wary of future regulation<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>According to Chad Steinglass, head of trading at CrossTower, Bitcoin\u2019s correction may have initially been triggered by critical comments fromU.S. Treasury Secretary Janet Yellen.<\/p>\n<p>Prior to Yellen\u2019s comments, Bitcoin was experiencing a \u201cpost-correction consolidation\u201d and was \u201crangebound between $34,000 and $38,000\u201d with traders \u201cwaiting to see which side of the range would be challenged or broken.\u201d <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-01\/9a00e015-57df-4f27-a49a-5f496d15ec72.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USDT 4-hour chart. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSDT\/?exchange=BINANCE\"><em>TradingView<\/em><\/a><\/figcaption><\/figure>\n<p>Steinglass further explaind that Bitcoin\u2019s next steps will be determined by the actions of institutional investors. He said: <\/p>\n<blockquote><p>\u201c$31,000 was a pocket of strong support, so at least not everyone is selling. We\u2019ll have to wait and see if that wall remains, or if institutions continue to accumulate. If they do, it\u2019s likely that the trend will re-establish itself and continue. If they move to the sidelines waiting for more regulatory guidance, then their lack of buy flows will be acutely felt.\u201d<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"Altcoins_bounce_back\"><\/span>Altcoins bounce back<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Many of the top altcoins also recovered nicely from this week\u2019s correction. Polkadot (DOT) rallied 7.09% to a daily high at $18, while Chainlink (LINK) posted a double-digit gain and topped out at $22.31. Tezos (XTZ) has also seen a surge in interest which boosted the altcoin by 15% to $3.36.<\/p>\n<p>The overall cryptocurrency market cap now stands at $949.8 billion and Bitcoin\u2019s dominance rate is 64.4%.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/altcoins-rally-while-bitcoin-bulls-are-thwarted-by-resistance-at-34k\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Altcoins rally while Bitcoin bulls are thwarted by resistance at $34K &#8221; Bitcoin\u2019s (BTC) tumble below $30,000 was short-lived as the top cryptocurrency found a new wave of support, including a $10 million \u2018buy the dip\u2019 moment from MicroStrategy.\u00a0 Data from Cointelegraph Markets and TradingView shows the strong inflows have helped lift BTC 4.92%&#8230;<\/p>\n","protected":false},"author":1,"featured_media":161171,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDEvNmU2Y2UwNzctYzQ3MC00NTgxLThhNjYtYzcyMTI3NGZiZGNhLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,74862,74937,74858,74863,81188,75150,73785],"class_list":["post-161170","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-bitcoin","tag-bitcoin-price","tag-bitcoin-regulation","tag-cryptocurrencies","tag-janet-yellen","tag-market-update","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/161170","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=161170"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/161170\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/161171"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=161170"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=161170"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=161170"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}