Analysts warn of 'institutional exhaustion' with Bitcoin price clinging to $32K

Cointelegraph

Published Jan 23, 2021 07:30AM ET

Updated Jan 24, 2021 09:20AM ET

The price of Bitcoin (BTC) recovered in the past two days after dropping to as low as $28,850. Following the swift rebound, however, BTC has been unable to break past heavy resistance at $33,000 on Jan. 23, pulling back below $32,000 at the time of writing.

BTC/USD 1-hour price chart (Coinbase). Source: TradingView.com

Earlier, when the price of Bitcoin started to drop below $32,000, BTC traded much lower on Coinbase than on Binance.

BTC/USD (white) vs. Coinbase premium Index (blue). Source: CryptoQuant
Bitcoin loses strength in U.S. period. Source: QCP Capital

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