Bitcoin price seeks support near 35,000 if DeFi tokens rise

Bitcoin’s price finds sensitive support at USD 35,000 after falling 7.4% in the final hours of January 19th.

According to the Cointelegraph employee Joseph Young, The correction was mainly due to an overheated derivatives market and uncertainty about whether BTC can return to the $ 40,000 level. Data from Cointelegraph Markets and TradingView show this Bitcoin (BTC) price fell to $ 33,400 before rebounding to the $ 35,000 level.

However, all is not lost for the market-leading cryptocurrency BlackRock, the world’s largest investment management company, Filed with the US Securities and Exchange Commission, which mentions the possibility of using derivatives of Bitcoin and other assets as part of their investment plan.

BTC / USDT 4-hour chart. Source: TradingView
Bitcoin price seeks support near 35,000 if DeFi tokens rise
Bitcoin price seeks support near 35,000 if DeFi tokens rise

According to the Decentrader analyst Filbfilb, Bitcoin could “get stuck in a consolidation between $ 30,000 and $ 38,000” with a number of buy orders currently “stacked between $ 30,000 and $ 33,000”.

According to analysis from Filbfilb:

“Demand at the $ 30,000 low was tested earlier today and has since rebounded, with Coinbase leading the price down. The market is fearful in the demand zone, as funding shows.”

The analyst went on to say that A deeper decline is not to be expected and it is more likely that a long period of consolidation will appear. Filbfilb also noted that Tether (USDT) new issuance had recently been suspended, but new money was released on January 20 a request from iFinex Inc. for a 30-day extension to submit judgment documents to the New York attorney general.

Daily performance of the cryptocurrency market. Source: Coin360

The traditional markets responded to President Biden’s inauguration

Traditional markets saw a surge in optimism on January 20 when the United States sworn in Joseph R. Biden as the 46th President.

The SP 500, NASDAQ and Dow ended the trading day in the green, rising 1.39%, 2.31% and 0.83%, respectively. The SP 500 and NASDAQ also hit new highs during today’s trading day.

Daily chart of the BTC / USD pair. Source: Coin360

While most cryptocurrencies are losing, Polkadot (DOT) continued its uptrend, rising 5.04%. The only other cryptocurrency in the top 30 that posted notable gains was VeChain (VET), which increased 11.47%.

Hedera Hashgraph (HBAR) has also shown excellent performance up 44% overnight and is currently trading near $ 0.0984. REN Shot earlier today, deserves a 15.94% in the last 24 hours.

The capitalization of the entire cryptocurrency market is currently $ 995.5 billion, and the dominance rate of Bitcoin is 64.8%.

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