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Bitcoin getting better buy support, what does it mean for buyers?

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The biggest crypto asset of this Industry is getting that level of support where we can predict many things to consider a better future of Bitcoin price.

At the time of writing this article, the price of Bitcoin is $41,562 and this price is 0.5% high over the last 24 hours. However, the current price is 36% low over 30 days but still, buyers’ support is giving a hint that Bitcoin is now young at age of 13. 

In January of this year, Bitcoin saw a very big correction and touched around $32,000 at some crypto exchanges. And after that Bitcoin surged by around 31% with $41,913 at multiple exchanges. 

However such increments are very usual things in the crypto market after a significant correction but the majority of the expert crypto traders claimed that Bitcoin will touch $30,000 to $20,000 but in actuality happened nothing like that. The whole credit goes to the increasing adoption of Bitcoin in real numbers. 

However, last month’s correction was boosted because of the outflow of money by the financial institutions but these financial institutions know very well how they can make money in corrections by buying the dip. 

According to the financial disclosure, Rafael ‘Ted’ Cruz (R-TX) took advantage by buying in the dip. Texas junior senator scooped between $15,000 and $50,000 on January 25. And he is currently in profit  $2,000-$6,850 ( if not sold). 

Barstool founder Dave Portnoy also purchased 29.5 Bitcoins total for $36,924. 

Also recently EverBowl, a superfood private network company, decided to reserve its funds in Bitcoin to ensure the issues with the only cash use limitations.

These things are showing that Bitcoin is still at a very low price, if we will look into it more carefully. These things are showing that the crypto industry will not see more corrections like it faced in 2018 and 2014 because the current situation is fully changed. At present, Bitcoin not only has huge investors but also is supported by big companies and also a country El Salvador, where people can use it as a currency.

Read also: Cardano developer team says TPS is probably the least meaningful metric

Bitcoin getting better buy support, what does it mean for buyers?

 

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