For the first time this year, and in almost 2 months, bitcoiners are afraid of a setback. Well, Bitcoin has failed to overcome the $ 10,000 barrier again.
At first glance it seems all normal
Bitcoin investors today are searching more BTC this first month of the year, more than any other since 2014. Although the data indicate a sustained influx of interest from large institutions. But how long can this last?
Bitcoin price fell to levels of $ 9,200 yesterday. Which represents almost -1% in the last 24 hours after exceeding $ 9,500; what has been its maximum annual price so far.
The small increase in the volume of BTC continues with the general upward trend that has persisted the first month of this new decade; But that may be about to end.
According to the research of statesman Skew Market, the earnings of Bitcoin hodlers amount to 30%. In no other month of recent years the market has had such an amazing performance, at least compared to the other traditional investment financial tools.
The impressive statistics are produced amid renewed faith in the long-term potential of Bitcoin, all thanks to the incredibly stable price of BTC since the market cooled after every bitcoin token reached $ 14,000. .
In turn, the public interest on the part of own and strangers, large and small, institutions or not; to Bitcoin Futures and Options is now higher than ever. The total figure reached $ 3.7 billion in the first 28 days of this year 2020.
The volume of transactions says it all. He commended the encouraging progress BTC has made this year, and the incredible increase in its hodlers’ profits and transaction volume, said Scott Melker.
Bear Market in sight!
This maximum annual price, according to experts, is subject to the speculation of large whales 🐋.
In a technical analysis of the famous Bitcoin trader, Tone Vays; He noted that it is imperative that BTC does not break below 9k for at least several days for a bull market to consolidate. Otherwise “it could be an ugly situation for BTC.”
The objectives based on the level of support and previous Fibonacci levels. If that breaks, the price is ready to aim at 8k and below.
Another important indicator is the Bitcoin fear and greed index, which traces the likely trajectory of BTC prices based on investor sentiment. Currently this is playing in aiming at “FEAR”.
This index currently shows a score of 55. This means that the data collected from the market are inclined towards the suggestion that “The market should be corrected.”
You can start a position settlement process. But I still hope that the Bullish end the week with more force than the Bearish, noted the famous Bitcoin trader.
What do you think? Are you afraid that the price of Bitcoin will fall back because it cannot break $ 10,000? Or do you expect the coronavirus and Brexit crisis to positively affect the price of BTC?
Economics student of the UCV. Defender of individual freedoms and of course also of the market and cryptocurrencies.