Green thanks to heavy goods vehicles – Bitcoin (BTC) closed January 2022 in the red. February 2022 is one of hope for a positive breakout as markets see the alignment of three consecutive bearish monthly candlesticks since November 2021.
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Bitcoin at $39,000: the strong return of institutional investors to the markets
The price of bitcoin holds above $38,000 today 1er February 2022. He climbed into $39,000 territory and even hits $39,350 on Bitfinex. Bitcoin is trading at $38,741 at the time of writing, and is currently recording a daily mini gain of 0.62%.
February certainly starts at levels near $40,000, but the day could end with a doji showing market uncertainty. This uncertainty could also be due to a certain caution regarding the answer to important questions such as: did the price of bitcoin bottom following its foray below $33,000 in January 2022? Is the market downturn over?
Data from CoinShares on inflows into cryptocurrency investment funds is blowing hope for a bullish recovery in bitcoin. Digital asset investment products have indeed recorded 19 million dollars in cumulative admissions last week as they saw strong releases in early 2022.
BTC investment products and multi-asset funds saw the most inflows at $22 million and $32 million, respectively. Institutional investors thus seem accumulate bitcoin again through dedicated investment funds.
Bitcoin big fish: renewed confidence at $36,000-$38,000
Whalemap data also shows a whale optimism who hold between 100 and 10,000 BTC. Whalemap analysts said in their tweet today that:
“Recent Prices Triggered Bitcoin Hoarding by Whales”
Whales have 330,000 BTC purchased at spot prices between $36,000 and $38,000. Glassnode data further reveals that the share of BTC supply per whale wallet has reached its highest level in 10 years.
Has the reconquest of $41,000 really (finally) begun for bitcoin? A market still at half mast during this month of February 2022 would reinforce the idea of an end to the bullish phase since the end of October 2021 and that a lasting bear market has since set in.
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