The 30,000 USD held, Bitcoin (BTC) resumes its upward path today, January 12, 2021. Yet another bear attack remains possible. A combination of factors had allowed them to take control of the markets for 24 hours.
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Bitcoin, the best bank
Bitcoin climbed above $ 36,610 today. The BTC rebounded around 20%, recovering from yesterday’s major correction, Jan.11, 2021, which brought it down to around $ 30,600.
Bitcoin is trading at $ 34,789 at the time of writing. He is currently recording a daily gain of 6.44%, which is an amount of over $ 2,100.
The bulls are therefore gradually regaining control of the markets as major banks in the United States are preparing to publish their financial statements for the 4th quarter of 2020, with negative performance during this period.
Citigroup is expected to experience a 42% drop in performance, compared to around 39% for Wells fargo, during the last quarter of 2020.
The financial performance of the Bank of America are expected to fall by 33%.
Resumption but, caution is in order
The daily RSI (14) currently stands at 62 and regains the bullish zone, as it fell to levels near 50 yesterday.
Although the bulls seem to have regained control, another major pullback remains possible.
The financing rate of derivatives markets BTC remains high. The dollar could still gain a few points.
For David Grider of Fundstrat Global Advisors, yesterday’s major correction is healthy for a BTC which quickly hit several new ATHs during this bullish rally.
Many factors are at the origin of this major decline, including major liquidations of Bitcoins, the warning of the FCA, the regulator UK, to retail investors regarding the risks associated with crypto investments.
Added to this is the refusal of the British bank HSBC deposits of profits from trading or HODLing of Bitcoins.
The $ 30,000 held up despite an expected and unavoidable “aggressive” market decompression after the bull run from $ 20,000 to $ 42,000. The recovery shows traders and investors who wereted no time in accumulating BTC. The threat of another big fall still looms. Bitcoin, however, appears to be consolidating the essential gains of the bullish rally, holding above $ 30,000.
Litecoin, welcome in the Silver Age