Today’s big drop, January 11, 2021, could bring the price of Bitcoin (BTC) back to its opening price on January 3, 2021. Markets are in bear hands on a daily basis. Bulls must now limit breakage.
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A floor price of 30,000 USD?
Bitcoin dipped to $ 30,670 today before rebounding to $ 32,691 at the time of writing. The BTC is currently experiencing a daily loss of 14.12%, which represents an amount of $ 5,373.
This big fall largely benefits the whales: data from Glassnode show that holders of at least 1,000 BTC are the main investors who buy the dips.
The dollar has regained color in the markets, miners are liquidating their BTC to take advantage: the environment is conducive to bear market takeover in the short term.
The daily RSI (14) fell to the 53 level, a considerable drop as this indicator approached 90 when Bitcoin exceeded $ 41,000.
The major correction anticipated by many analysts with a Bitcoin which took less than a month to go from $ 20,000 to $ 40,000 is happening.
The bulls must now defend the symbolic level of 30,000 USD, the opportunity to confirm or invalidate the hypothesis that institutional investors are on the lookout for lows to increase their stock by BTC.
TheEther is also having a bloody day, with a daily loss of over 23%. It is currently trading at $ 970.
Recovery: possible, but under what conditions?
The resumption of the bullish trajectory will now depend in part on general sentiment in the markets following this major correction in Bitcoin.
A devaluation of the dollar would also allow the bulls to find an environment which is favorable to them.
The arrival of Joe biden in power momentarily cause investors to regain confidence in the greenback?
Big corrections are an integral part of big climbs in a bull cycle. Hopes for a resumption of the rally lie – once again – on institutional investors. The appreciation of the dollar creates unfavorable ground for the game of the bulls. We end this article with the glass half full – of hope, of naivety? : For the moment, we are far from a scenario of a Bitcoin at 20,000 USD.
Litecoin, welcome in the Silver Age