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Daily Bitcoin and Crypto Analysis

Daily BTC Analysis

January 12, 2021

Daily BTC Analysis

Bitcoin took a breath today as prices consolidated around the $35,000 level. Yesterday, volumes across futures exchanges set a new record, with over 4.5 million Bitcoin futures contracts changing hands.

The underlying fundamentals of Bitcoin and its network have never been stronger. Which, given the tongue-in-cheek reporting that Bitcoin has now entered a bear market due to it's 20% decline from its all-time high, goes to prove that price swings do not always tell the whole story.

Short-term leveraged traders with long positions have been forced to the sidelines following large liquidations across exchanges - these bulls will be back soon enough.

So let's have a look at what the blockchain data shows.

The number of active addresses: ATH

Mining difficulty: ATH

The hash rate: ATH

Illiquid supply: ATH

The number of wallets with a non-zero balance: ATH

The number of whales: ATH

Conclusion: Now is probably not the time to panic. Bitcoin's pull back from its ATH is not a surprise, and picking the point at which it will happen will always be an impossible task.

The question remains the same: Have we already seen the highest price Bitcoin will ever trade?

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Technical Analysis

Bitcoin has settled today, with a trading range that looked at resistance at $35,868 and support at $32,300. Neither level was attacked with vigor, leaving prices fluctuating around mid-range.

A break higher through $35,868 will see Bitcoin trade back to the $38,180 level, with resistance overhead at $40,000. On the downside, a move back below $32,300 will likely see more volatility enter the market as the bears push hard for a sub $30,000 print. $28,000 should act as firm floor on prices if $29,980 gives way.

The Market in Numbers

 

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