3 Reasons Why Bitcoin Could Retrace Back to $34,000 This Week

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Bitcoin dived by as much as 16.33 percent on Monday, almost inching closer to log its worst single-day performance since March 202o. However, the benchmark cryptocurrency narrowly escaped the bearish assault on favorable buying bias near its intraday low of $27,678. Bitcoin continues its corrective trend lower after hitting a record high on Sunday. Source: BTCUSD on TradingView.com That served as one of the major reminders why the ongoing Bitcoin price rally—an explosive surge from $3,858 in March to $34,810 in January—is entirely different from its notorious bull run in December 2017. Here, every dip is attracting a fresh wave of buyers, confirming that the cryptocurrency could continue its upside move further into 2021. Here are the three reasons why the BTC/USD exchange rate could inch above $34,000 to retest its previous record high this week. #1 More Institutional Capital into Bitcoin The last 24 hours have witnessed two mainstream…

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