Profit taking on BTC keeps the high price range even though it falls back

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Profit taking on BTC keeps the high price range even though it falls back

author Yuya Hasegawa Bitbank Market Analyst

After graduating from a graduate school in the UK, he worked as an analyst in the FinTech industry and the virtual currency market at a venture company consisting of people from financial institutions. Market analyst at Bitbank Co., Ltd. since 2019. He has a track record of providing comments to major domestic financial media and contributing to overseas media.

Bitcoin (BTC) fell against the yen on the 24th, failing to recover again at the closing price of 3 million yen, which is the milestone level of $ 23,000 against the dollar. The BTC market was seen recovering to 3 million yen in Tokyo time due to the high altcoin price, but after entering overseas time, the altcoin took a profit and turned to a modest trend, falling below 3 million yen. S&P Global’s January U.S. Purchasing Managers Index (PMI), which attracted attention, fell below 50 in all categories, services, and manufacturing, but improved slightly from December, supporting U.S. stocks, which were on the cheap side. The BTC market also rebounded slightly from 2.98 million yen. On the other hand, as US stocks hit a stalemate in response to the mixed financial results of US companies, the BTC market stalled at the milestone of 3 million yen. Selling, which is thought to be profit taking again this morning, weighed on the topside.

Figure 1: BTC vs. Yen for the previous day (left, 1-minute) and BTC vs. Yen for the last 3 months (right, daily) Source: Created from

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