Bitcoin saw a fresh sell-off on January 21 as a surprise bearish phase swept the market despite huge institutional buy-ins. Travis Kling, founder of crypto hedge fund Ikigai, argued that the forthcoming entry of multitrillion-dollar asset manager BlackRock into the Bitcoin arena was a far more important price trigger.
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Markets Report: Bitcoin Falls on Biden Inauguration Amid Warning Stimulus is ‘Long-Term Negative’
A subdued start of the new presidency comes as bullishness broadly fades from cryptocurrency markets
The hours prior to Biden’s inauguration saw a rebound in a previously declining U.S. dollar, something which came in tandem with BTC/USD cementing daily losses of 7%. The largest cryptocurrency had previously spent the week ranging slightly higher, with speculation rife that a breakout was due but that the direction it could take was unclear.
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Markets Report: Bitcoin primed for breakout as ether beats 2018 all-time high
Action focuses on altcoins but hope mounts for a resurgence in Bitcoin bullishness a day before Joe Biden’s inauguration
Bitcoin analysts were eagerly eyeing a fresh breakout on January 19 as BTC/USD hovered nervously around $37,000. After hitting lows of $34,000 over the weekend, Bitcoin hovered roughly in the middle of its wide trading range between $30,000 and $40,000. As the week progressed, however, signs of bullish tendencies became more palpable.
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Having pulled well back from all-time highs, bitcoin has yet to make a decisive move (Photo: CoinMarketCap)Markets Report: Bitcoin consolidates as traders prepare for Altseason 2.0
A transfer of trading attention away from Bitcoin comes as a quiet weekend leaves $42,000 all-time highs out of reach
In a surprise change of tune, Bitcoin managed to avoid volatility altogether this weekend. Instead of hitting new highs or testing major support levels, BTC/USD simply remained within its recently established trading corridor between $30,000 and $40,000.
