THE EQONEX CRYPTO GUIDE AND LEARN HUB
Daily Bitcoin and Crypto Analysis

Daily BTC Analysis

January 6, 2021

Another day, another ATH - it's become such a regular occurrence, I am considering hard-coding the 'A' on my keyboard to return 'all-time high.'

The relentless pace of this rally persists, and it would seem it has been played out between Asian sellers and US buyers. 

In traditional markets, having the same asset priced with a $100 difference on two separate venues is generally rare. Arbitrage traders simply buy one, sell the other, and continue, until they're both back at roughly the same price. These traders exist within the Bitcoin space, but as the $100 premium on Coinbase confirms, they can't print the profit of doing so fast enough.

While we are on printing, the Coinbase premium (It's more expensive to buy Bitcoin on Coinbase than EQONEX, for example) is being driven largely by US clients who are seeing the purchasing power of their beloved dollars diminish.

The chart below compares the US dollar to a basket of currencies. Should we break below $88.25, we still have a long way to go before any real support comes into the market.

With the US senate vote in Georgia looking like a win for the democrats, the potential for increased stimulus to combat the economic crisis increases. As the money printer goes 'brrr,' the dollar will weaken further...

...and we all know what that means for Bitcoin, and by the look of it, Coinbase's clients in the US are worried about the same thing.

Technical Analysis

Yesterday's strong recovery has seen Bitcoin charge on to a new all-time high today, with $35,868 now holding the top spot.

Prices have returned to test support at $33,860, but have yet to push back up through $35,385 for another attempt to increase the ATH.

A drop below $33,860 will likely see a return to $32,300, before the risk of a sub-30,000 print awaits at $29,980.


On the upside, a move back above $35,385 will likely see Bitcoin aim for $36,000. The rally will intensify north of $37,000 as traders begin to focus on the next big target, a 40k handle.

The Market in Numbers


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