Bitcoin (BTC) price struggles against a resistance at $37k

Bitcoin (BTC) price struggles against a resistance at $37k
фото показано с : invezz.com

2021-1-19 11:41

After an impressive start of the year, the price of  Bitcoin has seemingly lost its momentum. The coin saw a strong dip in the last 11 days, since hitting its most recent all-time high on January 8th. Today, January 19th, the coin struggles to breach a resistance level at $37,000, with each attempt being followed by a rejection of its price.

Fundamental analysis: Skepticism returns as the price drops

Throughout Bitcoin’s history, the coin has been accused of being a bubble every time after a major price surge. The process would usually see the coin’s price grow, then suffer a correction, then grow some more, and then finally see its price dip during the bearish part of the cycle.

At that time, accusations of BTC being a bubble would emerge, stating that the coin is a scam and that the market is manipulated. While most people ought to know better by now, similar statements have  already emerged, only proving that those who are throwing such accusations do not understand what Bitcoin — or a bubble — really is.

Some have even suggested that Bitcoin’s capped supply limits the coin’s ability to meet the needs of a growing economy, also showing that they do not understand the very concept of Bitcoin.

Fortunately, it is not all bad for the world’s largest coin, as it appears that institutional investors, at least, are starting to understand Bitcoin’s value. PayPal is seeing massive profits from its decision to add crypto to its platform. Analysts say that the online payment processor will earn at least $2 billion in revenue due to its Bitcoin business.

Meanwhile, Grayscale’s CEO, Michael Sonnenshein, claimed that institutional investors want to diversify their portfolios. They are keeping BTC, but they also want other assets.

The demand for BTC is still sky-high, however. So high, in fact, that Bitcoin funds have broken past records, which even inspired Goldman Sachs to make moves that would make it more involved with the crypto industry.

Lastly, Former Canadian Prime Minister, Stephen Harper, stated that he believes that BTC could be a possible future reserve currency. 

Technical analysis: Bitcoin dips, then struggles to grow

According to CEX.IO, Bitcoin price has reached its all-time high on January 8th, when it reached $41,999. Unfortunately, the coin never reached $42k, dropping to $38,594 by the end of that very day. The drop continued for the next three days, leading the coin down to $32,370 on January 11th.

BTC then saw a minor correction to $36.6k, which was almost immediately nullified by its price returning to $32.5k. BTC then surged again on January 12th, going up to $39.200 by January 14th. The resistance was too strong for it to proceed, however, and the price was once again rejected, this time to $33.9k, which happened over this past weekend.

For the last two days, however, the coin has been seeing recovery, which once again led its price to $37k, which is where it currently sits, with the exact price at the time of writing being $37,019.

Will Bitcoin keep dropping?

I believe that Bitcoin still has a lot of room to grow. The world’s largest coin has seen a major supply shock, first due to the last year’s halving, and then due to the institutional investors’ surging interest.

While their attention does seem to be expanding to other digital assets, they are still not giving up on Bitcoin, and the demand remains just as strong as before. This is why I expect the coin to end this first quarter with a price of $50k. Bitcoin has hit a bump in the road, but the surge may yet continue. If it does, the coin could even hit $80k by the end of Q2, or even $90k by the end of the year.

The post Bitcoin (BTC) price struggles against a resistance at $37k appeared first on Invezz.

origin »

ETH/LINK Price Action Candlestick Set (LINKETHPA) на Currencies.ru

$ 467.1 (+0.48%)
Объем 24H $0
Изменеия 24h: 0.85 %, 7d: 17.53 %
Cегодня L: $453.49 - H: $467.1
Капитализация $0 Rank 3676
Доступно / Всего 0 LINKETHPA

bitcoin price days dip hitting january 8th

bitcoin price → Результатов: 126


The Fed is expected to cut interest rates twice in 2025, what might this mean for the Bitcoin price?

The cryptocurrency market has gone mainstream. It is no longer retail investors’ assets as institutions globally are investing in Bitcoin and other major cryptocurrencies.   As a risk-based asset, Bitcoin’s price is affected by central bank policies, especially those from the United States Federal Reserve.

2025-2-18 15:05


Bitcoin Price Remains Bullish As Monthly Stochastic Sits Above 80, Here’s Why

The Bitcoin price has struggled to break above the $100,000 threshold decisively over the past four weeks, largely fluctuating within the $90,000 to $100,000 range. This correction and lackluster price action have caused a degree of bearish sentiment among traders, with some speculating that Bitcoin might have already reached its peak for the current cycle. […]

2025-1-15 18:30


Extremely Bullish 88-Day Structure Appears On Bitcoin Price Chart After Hitting $105,000 ATH

The Bitcoin price has continued its foray above the $100,000 threshold and is currently trading around new all-time highs. Following its recent surge to an all-time high (ATH) above $106,000, the Bitcoin price has played out an interesting pattern on the 1-day candlestick timeframe, which points to an extremely bullish outlook for the leading cryptocurrency.

2024-12-16 11:30


Are Bitcoin Whales Still Holding For Higher Profit? This On-Chain Signal Suggests So

The Bitcoin price performance in 2024 is one for the history books, with the premier cryptocurrency crossing the $100,000 mark for the first time ever. However, hitting this milestone opened the door to another conversation — when will the market top be in? As a result, several predictions of the Bitcoin price top have emerged […]

2024-12-15 12:30