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2 key Bitcoin price metrics suggest BTC is primed to reclaim $40,000

Published 01/31/2022, 06:30 PM
Updated 01/31/2022, 08:00 PM
© Reuters.
BTC/USD
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Cryptocurrencies had a volatile week after Bitcoin's (BTC) sudden crash to $33,000 on Jan. 24. However, the sharp 9% drop fully recovered within 8 hours after BTC price regained the $36,000 support.

On Jan. 26, Bitcoin rallied to $38,960 but it could not sustain the level and corrected by 8.8% in the following 8 hours. When factoring in the recent ups and downs, Bitcoin managed to only gain a meager 1.6% over the past seven days.

Total crypto market capitalization, USD billion. Source: TradingView
Top weekly winners and losers on Jan. 31. Source: Nomics
OKEx USDT peer-to-peer premium vs. USD. Source: OKX
BTC CME 2-month forward contract premium vs. Bitcoin/USD. Source: TradingView

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