Analyst predicts further selling pressure on Bitcoin ahead of the Chinese New Year

Bitcoin is fighting for the $ 35,000 mark, but the Chinese New Year is threatening further sales pressure.

On January 29, Bitcoin ( BTC ) temporarily climbed back to $ 38,500 before the price went back down. The market-leading cryptocurrency struggled to stay above $ 35,000

The sudden upswing is primarily attributed to the action of Elon Musk, who added the hashtag #Bitcoin to his Twitter status. This was followed by a cryptic tweet in which the Tesla boss said that “it was inevitable”. However, it is unclear what exactly he is referring to. While the apparent advocacy of the “richest man in the world” triggered euphoria among Bitcoin investors, the latter also pushed another crypto currency at the same time.

This is how the Dogecoin (DOGE) was fired with it. After the “joke cryptocurrency ” had already reached a new record high of 0.078 US dollars on January 28, it then fell again by 41%. The tweet from Musk raised the price back to 0.045 US dollars, because the prominent entrepreneur and the “meme coin” have a very special “ friendship ”.

Market visualization from Coin360

Meanwhile, a crypto exchange seems to have taken a special liking to the developments surrounding the DOGE and the Reddit sub-forum r / Wallstreetbets, as the crypto trading platform has launched an index called Wall Street Bets (WSB) that tracks the shares of Nokia (NOK ), BlackBerry (BB), AMC Theaters (AMC) and GameStop (GME) as well as the precious metal Silver (SLV) and the crypto currencies DOGE and FTX Token (FTT).

However, the American Securities and Exchange Commission is now also involved in the Reddit forum affair. Above all, the Robinhood trading platform should be the focus of the authority .

Bitcoin defends itself against the miners

Despite the enormous volatility of Bitcoin, institutional investors are still confident about the further price development of the crypto market leader, which can be read from the Bitcoin futures of the CME options exchange.

Even the increasing selling pressure from Bitcoin miners, who are currently selling as strongly as in July 2019, when Bitcoin could not climb further than 14,000 US dollars, can not cover the even greater demand . In contrast to previous years, massive sales by crypto miners are currently not affecting the long-term Bitcoin price, as data from CryptoQuant shows.