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Analyst says Bitcoin Cost sell-off may Happen as Chinese New Year approaches

Bitcoin is trying hard to retake the 35,000 amount as a single analyst predicts miners will keep on selling BTC before the Chinese New Year holiday.

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Analyst says Bitcoin Cost sell-off may Happen as Chinese New Year approaches

The crazy breakout in Bitcoin cost has partly been attributed to Elon Musk shifting his Twitter account to only"#Bitcoin," that Musk then followed up with a mysterious tweet stating"In retrospect, it had been unavoidable."

After attaining a new all-time large at $0.078 on Jan. 28, DOGE cost adjusted by 41 percent before rebounding to exchange at $0.045.

The exploits of this favorite Reddit group also have not gone unnoticed by the United States Securities and Exchange Commission, which declared it will take a closer look at the way Robinhood managed the trading of GME inventory on its own platform.

Bitcoin cost holds powerful despite miners selling
Regardless of the recent volatility, institutional investors continue to demonstrate a heightened curiosity about Bitcoin and will willingly pay a premium to acquire exposure into CME's Bitcoin futures contracts.

Even selling stress in Bitcoin miners, who've been selling at rates never seen since BTC cost topped out at $14,000 at July 2019, hasn't managed to meet increasing demand. Unlike previous decades, mass marketing from miners isn't negatively affecting the long term cost of BTC, as revealed by data in CryptoQuant.

Based on Lennard Neo, the head of research in Stack Funds, the present miner sell-off is very likely to last in the near-term on account of the coming Chinese New Year vacation.

Neo stated:

"Miners are exiting their ranks as the holiday approaches. This also implies that the floor price for which miners are comfy holding Bitcoins has not yet been discovered and we expect this volatility to continue at the coming months"
Growing attention from institutions as well as the development of DeFi are large drivers of Bitcoin price development. Since the market heads to the Chinese New Year vacation, the crucial level of service to see is currently $34,000 while a transfer higher is very likely to face resistance at $38,000.

The $4.9 billion worth of BTC stocks that expired Jan. 29 seems to have little influence on the marketplace as last week's Robinhood ordeal is bringing additional focus to the cryptocurrency market.

The standard markets faced a new wave of stress which resulted in the worst yearly performance to its S&P 500.

Altcoins reveal signs of expansion
While Bitcoin price fought to maintain the 34,000 level, DOGE made its way to the top-10 and quite a few altcoins saw bullish breakouts.

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