Bitcoin (BTC) and most major altcoins are attempting a rebound off their respective support levels, indicating that buyers continue to accumulate on dips.
Data from Coinglass shows that 9,925 Bitcoin left Coinbase Pro, the professional trading arm of Coinbase, on Dec. 30, a possible sign of institutional buying. This is in sharp contrast to the strong inflows seen in Binance and OKEx. Several analysts believe that institutional buying could pick up in January.
Economist and trader Alex Krüger expects a Bitcoin rally in early January based on fund flows. He also highlighted that January has produced positive results for Bitcoin between 2018 and 2021, with gains ranging from 7% to 36%.
While investors debate about the next possible direction of the crypto markets, MicroStrategy has continued to accumulate Bitcoin on dips. The business intelligence firm purchased 1,914 Bitcoin between Dec. 9 and Dec. 29, according to a filing with the U.S. Securities and Exchange Commission. The recent purchase has boosted the company’s holdings to 124,391 Bitcoin.
Could Bitcoin lead a strong recovery in the crypto markets in the new year? Let’s study the charts of the top-10 cryptocurrencies to find out.
Bitcoin bounced off the $45,456 support and has risen above the 200-day simple moving average (SMA) ($47,826). However, the bulls are likely to face a strong challenge at the 20-day exponential moving average (EMA) ($49,096).
If the price turns down from the current level or the 20-day…