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Market Action: Bitcoin (BTC)

Home » Blog » Market Action: Bitcoin (BTC)

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January 30, 2021
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  • Cryptocurrency
Bitcoin

Bitcoin

Bitcoin’s price has maintained a horizontal range for the past couple of weeks. Before the next big move, the consolidation phase has primarily held within the range of $33,900 and $30,700.

Bulls attempted a breakout above the range on Monday; however, they failed at highs of $34,900.

The bears also had a go on Wednesday, causing a strong pullback below $30,000. Fear in the market rose to levels not seen in this bull market.

Sorce: Trading View

Supported by Ray Dalio’s comment from last night and Elon Musk’s status update on Twitter, which now only says “Bitcoin,” the price of the cryptocurrency shot up 15% to highs of $38,077.

Bitcoin’s Spent Output Profit Ratio (SOPR) is a robust on-chain indicator for gauging long-to-medium term market sentiments. The SOPR shot up significantly last week to levels not seen since the 2017 top.

The metric, nevertheless, touched the pivot value of 1 after Wednesday’s correction. In an uptrend, the market rejects values below 1 and vice-versa.

The ratio has started to pick-up again, suggesting strong hands.

Source: Glassnode

Bitcoin’s peak price of $42,000 is the most critical resistance, beyond the all-time high market’s bullish expectations will rise considerably.

SIMETRI’s lead Bitcoin analyst, Nathan Batchelor, confirmed the same:

“If BTC reaches $42,000 then a massive inverted head and shoulders pattern will form, which points to $55,000. Additionally, bears failed to closed the daily candle under a large broadening ascending wedge earlier this week, signaling bulls appetite to test higher. Again, this pattern points to $55,000 as an upcoming target.”

Source: Crypto Briefing

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