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On Wednesday, January 12, the quotes of the first cryptocurrency rose above the $ 44,000 mark (on the Bitstamp exchange).
Bitstamp BTC / USDT chart. Data: TradingView.
Digital gold capitalization has exceeded $ 830 billion, according to CoinGecko.
The head of the Singapore-based venture capital fund Three Arrows Capital, Su Zhu, explained the retracement of the fall with a rare indicator for the purchase of bitcoin Dormancy Flow.
Dormancy flow buy signal on $BTC, very rare, only six times in history pic.twitter.com/eNU5lY9sOH
— Zhu Su 🔺 (@zhusu) January 11, 2022
According to him, in the entire history of Dormancy Flow has been triggered only six times. The indicator shows a long period during which “dormant bitcoins” do not affect the asset price.
Judging by Su Zhu’s chart, in previous times, Dormancy Flow did indeed give a signal to buy the first cryptocurrency. The last time the indicator worked was in mid-2021, when the bitcoin price fell below $ 30,000.
Over the past day, all digital assets from the top 10 in terms of capitalization were in the green zone. Polkadot (+ 12.2%), Terra (+ 11.5%) and Cardano (+ 11%) rose the most.
Data: CoinGecko.
Earlier, the head of DoubleLine Capital Jeffrey Gundlach called bitcoin too expensive in light of the upcoming tightening FRS monetary policy and to buy it suggested waiting for the price to drop to $ 25,000.
Recall that on January 10, bitcoin quotes fell below $ 40,000.
#Bitcoin #Price #Soars
