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Altcoins move higher as Bitcoin price finds resistance near $ 35,000.



On Jan. 12, Bitcoin (BTC) prices slightly rebounded as prices try to revert to the $ 37,000 range. But, as it is written, the increased sales are pushing the price back to $ 32,000.

While price action may affect young investors unfamiliar with Bitcoin’s whip volatility, the recent 28% drop is not on the list of the 5 worst BTC pullbacks. First place in history In fact, today’s 20% rebound is one of Bitcoin’s biggest single-day rebounds.

Daily cryptocurrency market performance. Coin360

Even though Bitcoin has bounced at 20% sharply, many analysts have warned that the top cryptocurrencies are not in the wild due to the high funding rates in the futures and US dollar index markets. (DXY) stronger

Long-term and institutional investors appear to be off-limits and likely to be nothing more than a short-term pullback.

Analysts at Goldman Sachs pointed out that the latest developments are a sign that “the market is starting to grow”

; and that the sector has great potential for growth as institutional participation is only 1% of the current market.

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Meanwhile, Bitcoin and altcoins have recovered strongly. But traditional markets continue to face pressure due to the possibility of continued political unrest in the United States and concerns about the economic impact of new COVID-19 restrictions.

Signs of a strong dollar are putting pressure on financial markets worldwide, and some analysts have warned that a strong dollar is bad for Bitcoin’s price.

The main index was under all-day pressure and ended a mix at the closing bell, with the S&P 500 and Dow up marginally by 0.04% and 0.19% respectively, while the NASDAQ closed 0.08%.

Altcoins Show Strength As Bitcoin Seeks New Trading Range

Right now, Bitcoin appears to have entered a new phase with $ 30,000 support and the $ 35,000 level possibly acting as resistance. When this happened, the selected altcoins moved higher and traders took advantage of BTC’s stability by switching to altcoins.

1 hour chart BTC / USDT. TradingView

The Ether (ETH) price has returned above $ 1,000 and at the time of writing altcoin trading for $ 1,050, Stellar (XLM) also rebounded on Tuesday as the digital asset rose 22.16%.

The DeFi sector continued to show its strength as its Maker regulatory token (MKR) rose more than 31%, Synthetix (SNX) and AAVE were up 23% as both rivals to new highs this year.

BTC / USD daily chart. Coin360

The overall cryptocurrency market cap is $ 924.5 billion and Bitcoin’s dominance rate is 68.4%.