{"id":453107,"date":"2020-12-27T09:30:47","date_gmt":"2020-12-27T09:30:47","guid":{"rendered":"https:\/\/wncen.com\/?p=453107"},"modified":"2024-06-11T13:01:26","modified_gmt":"2024-06-11T13:01:26","slug":"bitcoin-almost-taps-28000-in-continued-holiday-rally","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-almost-taps-28000-in-continued-holiday-rally\/","title":{"rendered":"Bitcoin Almost Taps $28,000 in Continued Holiday Rally"},"content":{"rendered":"

Bitcoin<\/a> has continued to erupt higher, even as certain traders have asserted that the market is clearly overbought. As can be seen in the chart below, BTC recently moved toward $28,000. While it did not manage to tap that level, it peaked at $27,900 on top exchanges.<\/p>\n

Bitcoin currently trades for $22,700 as buying pressure has temporarily paused.<\/p>\n

There are some that think that BTC could target $30,000 in the near term as the trend remains positive and as institutional players continue to flood into space.<\/p>\n

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Related Reading :<\/a> Here\u2019s Why Ethereum\u2019s DeFi Market May Be Near A Bottom<\/a><\/h6>\n
Bitcoin Ready to Move Even Higher?<\/h2>\n
Travis Kling, the founder of Ikigai, says that Bitcoin could move even higher due to the lack of institutional exposure to this space. While there have been billions siphoned into BTC over recent months by institutional players, most still have little exposure to the space and may seek to gain exposure as the price continues moving higher with little sell-side liquidity:<\/p>\n
“It’s rapidly becoming clear that the pain trade in <\/span>#Bitcoin<\/a> <\/span>is much higher. It’s apparent that institutions are coming in w\/ big checks. Much of that capital still has to “get through docs” and “investment committee”. They thought they’d buy $20k. They’ll be lucky to buy $30.”<\/p><\/blockquote>\n
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It's rapidly becoming clear that the pain trade in #Bitcoin<\/a> is much higher.<\/p>\n
It's apparent that institutions are coming in w\/ big checks. Much of that capital still has to "get through docs" and "investment committee".<\/p>\n
They thought they'd buy $20k. They'll be lucky to buy $30.<\/p>\n
— Travis Kling (@Travis_Kling) December 26, 2020<\/a><\/p><\/blockquote>\n