Tuesday, January 26, 2021

LOEx Market Research Report on January 26: BTC drops to support level

[Today's Hot Tips]    

1. [Bitcoin options worth about $4 billion will expire soon, which may cause significant price fluctuations]

CoinDesk published an analysis today that as January draws to a close, a large number of Bitcoin options that are expected to expire within a few days may cause significant price fluctuations. According to the data source, Skew, as of press time, major exchanges such as Deribit, CME, Bakkt, OKEx, LedgerX, etc. had a total of 120,300 contracts with a total value of $4 billion expired.

2. [Harvard, Yale and Brown University Endowments are buying Bitcoin]

According to CoinDesk's January 26 news, sources said that in the past year or so, the endowment funds of prestigious universities in the United States have been quietly buying cryptocurrencies through accounts held by Coinbase and other exchanges. These universities include Harvard University, Yale University, Brown University and the University of Michigan.

3. [Marathon, listed mining company, purchased $150 million BTC]

Marathon Patent Group, Inc., one of the largest bitcoin mining companies in North America, announced that the company has purchased approximately 4,813 bitcoins, valued at approximately $150 million.

[Today's market analysis]

Bitcoin (BTC)BTC began to fall unilaterally in the early hours of the morning, dropping to its lowest point to 31,906.16 USDT around 6:00, and then rebounded slightly. BTC is currently reported at $32,744 on LOEX Global, a drop of 5.23% within the day.

https://preview.redd.it/xsbqzit90nd61.png?width=554&format=png&auto=webp&s=9f38db7b15ca6f63fb73928dc86b811363093f04

Bitcoin has experienced a continuous decline. After that, Bitcoin has rebounded a bit, but it has fallen below the 30-day moving average of Bitcoin, which has changed the previous trend of non-stop rising. No effective breakthrough has been made.

However, the volatility of Bitcoin around 30,000 is not a bad thing. At least Bitcoin is not very cheap. Starting from $10,000, Bitcoin has still tripled, and it has only been more than three months. Moreover, the performance of Bitcoin seems to be falling continuously, which is not a very likely event.

Earlier, it was mentioned that the institutional cost is between 24,000 and 27,000. We still need to cherish the Bitcoin under $30,000 in our retail investors.

It's really not easy for the market to increase the position in the bull market. Especially the bull market of this institution is indeed too stable. It can be found that the timing of the market's correction is minimal, and the upward trend is maintained very well. This kind of market environment was completely invisible in the last bull market.

Operation suggestions:

Support level: the first support level is 32,000 points, the second support level is 30,000 integers;

Resistance level: the first resistance level is 35,000 points, the second resistance level is 38,000 points.

LOEx is registered in Seychelles. It is a global one-stop digital asset service platform with business distribution nodes in 20 regions around the world. It has been exempted from Seychelles and Monetary Authority of Singapore (MAS) digital currency trading services. Provide services and secure encrypted digital currency trading environment for 2 million community members in 24 hours.


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