Has Bitcoin (BTC) finally peaked during this bullish rally to the $ 42,000 level? The bulls find it difficult to continue their course; it may be necessary to wait for the performance of Joe Biden to relaunch the rise in BTC on a lasting basis.
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Miners decompress the markets
Bitcoin climbed above $ 41,330 before starting a long descent that led him to foray below $ 37,700.
Bitcoin is trading at $ 38,403 at the time of writing. He recorded a daily loss of 5.56%, which represents an amount of $ 2,262.
The bulls lost ground with an RSI (14) that came down to 77, down from close to 90 when Bitcoin was trading above $ 41,000.
According to CEO of CryptoQuant, Ki Young Ju, the Miner’s position index (MPI) recently reached its highest since July 2019, when the price of Bitcoin climbed to $ 14,000 on some exchanges, before experiencing a major correction.
Miners make it harder to continue the race above $ 40,000 for bulls. They have still managed to defend the 38,000 USD for the moment.
After the Capitol bull, make way for the democratic BTC bull
While traditional media and social networks are on trial Donald trump – presumed guilty as in any self-respecting pseudo democracy – dreaming of an impediment of the latter, 1 day before the expiration of his lease at the White House, Joe Biden is already working to bankrupt the dollar and potentially propel Bitcoin around 50,000 USD.
According to the news agency Axios, Biden asked the Congress to provide direct aid of $ 2,000 to Americans. He also proposed a $ 3 trillion stimulus package to stimulate the US economy.
These calls from Biden were motivated in part by the employment report of January 8, 2021, resulting in a loss of 140,000 jobs in December 2020.
Miners liquidating their Bitcoins after a sharp rise in Bitcoin: a normal process in the race to $ 100,000, although critics will cry out that the bubble burst. This new week could drive Bitcoin towards $ 30,000, or even the price of BTC stuck between $ 38,000 and $ 42,000, or be the week that sees bulls run towards $ 50,000. Donald Trump may have lost the game, but not the BTC bulls.
Litecoin, welcome in the Silver Age