{"id":108003,"date":"2021-01-11T08:46:20","date_gmt":"2021-01-11T08:46:20","guid":{"rendered":"https:\/\/precoinnews.com\/?p=108003"},"modified":"2021-01-11T08:46:20","modified_gmt":"2021-01-11T08:46:20","slug":"bitcoin-sets-new-all-time-high-on-heels-of-otc-buying-frenzy","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/bitcoin\/bitcoin-sets-new-all-time-high-on-heels-of-otc-buying-frenzy\/","title":{"rendered":"Bitcoin Sets New All-Time High on Heels of OTC Buying Frenzy"},"content":{"rendered":"<ul>\n<li>Bitcoin and the aggregated cryptocurrency market are caught within another leg higher, with bulls staying in full control of the market<\/li>\n<li>This uptrend comes shortly after an intense selloff seen yesterday evening, which came as a result of incredibly high funding rates on margin trading platforms<\/li>\n<li>The move lower reset these funding rates and cleared out \u201clate longs\u201d \u2013 which laid the groundwork for a move higher<\/li>\n<li>One analyst explained in a recent tweet that this push higher comes close on the heels of a flurry of OTC buying activity<\/li>\n<li>This is a bullish sign that indicates large buyers are still jumping into Bitcoin despite its relatively high prices<\/li>\n<\/ul>\n<p>Bitcoin and the aggregated cryptocurrency market have been caught within the throes of another uptrend, with Bitcoin rallying past $40,000 while the rest of the market follows close on its tracks.<\/p>\n<p>This intense upswing is simply an extension of the momentum that it has seen throughout the past few weeks and months and comes as a combination of retail and institutional money pours into the markets.<\/p>\n<p>One on-chain analyst noted that OTC activity as of late came about just before this push past $40,000 and could indicate that further upside is imminent.<\/p>\n<h2><strong>Bitcoin Rallies Past $40,000 as Uptrend Continues<\/strong><strong>\u00a0<\/strong><\/h2>\n<p>At the time of writing, Bitcoin is trading up just under 3% at its current price of $40,700. This is around the price at which it has been trading all morning.<\/p>\n<p>It briefly ran as high as $42,000 before facing some inflows of selling pressure that hampered its growth and caused it to see a retrace to $39,000.<\/p>\n<p>It has since bounced from these lows and shows some immense signs of strength as bulls try to push it back up towards $41,000.<\/p>\n<h2><strong>On-Chain Analyst: Flurry of OTC Trading Activity Occurred Before Latest Rally<\/strong><\/h2>\n<p>One on-chain analyst explained in a recent tweet that Bitcoin\u2019s latest surge comes just days following a massive surge in OTC buying activity.<\/p>\n<p>He notes that these investors are currently up 24% on their BTC investments.<\/p>\n<blockquote>\n<p>\u201cLooking at the latest Coinbase outflow, possibly OTC deals, I think we can estimate their PNL. BTC surged 24% since Jan 2. If you were institutional investors, would you be satisfied with 24% PNL for Bitcoin?\u201d<\/p>\n<\/blockquote>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/bitcoinist.com\/wp-content\/uploads\/2021\/01\/ErM3aT_UUAEnvPT-980x486.jpg\"><\/p>\n<pre>Image Courtesy of Ki Young Ju. Source: CryptoQuant.<\/pre>\n<p>Whether or not these types of OTC deals continue strong as Bitcoin sets new all-time highs will provide some insight into this movement\u2019s sustainability.<\/p>\n<pre>Featured image from Unsplash.\nCharts from TradingView.<\/pre>\n<p>Source: <a href=\"https:\/\/bitcoinist.com\/bitcoin-sets-new-all-time-high-on-heels-of-otc-buying-frenzy\/\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin and the aggregated cryptocurrency market are<\/p>\n","protected":false},"author":3,"featured_media":108002,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[47],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin Sets New All-Time High on Heels of OTC Buying Frenzy - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/bitcoin\/bitcoin-sets-new-all-time-high-on-heels-of-otc-buying-frenzy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Sets New All-Time High on Heels of OTC Buying Frenzy - 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