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

Daily BTC Analysis

January 20, 2021

Bitcoin has followed the rest of crypto lower today, with prices down nearly 6%. The one constant we have seen since Bitcoin's all-time high is the continued accumulation of wallets containing 1,000 BTC or more.

This soaking of selling pressure is reducing volatility from over extended levels, with a 20% decline from a week ago. The market is having what is known as 'a breather.'

...Which is probably a good thing, as we are about to head into the largest option expiry in Bitcoin's history.

Sitting outside of a fairly evenly distributed level of interest are the two big strike prices, $20,000 and $54,000. With 9 days to go and a market that is sitting firmly within the recent trading range, it seems unlikely that either marker would become relevant.

But then, this is crypto, and we all know 9 days can feel like a lifetime when the market gets moving. In the 9 days preceding the last ATH, Bitcoin rallied 50%: a mere $14,000.


Given the lack of movement, it currently feels like that was a lot longer than 12 days ago!


Technical Analysis

Bitcoin has traded lower today with prices rotating down to the $34,820 support level. From a technical perspective, we could trade down to $32,065 and still remain in a channel. With range trading defined by actually trading in a 'range' a move lower should not raise eyebrows, so long as we pivot back to $34,820.


Failure to do so would encourage the bears, with $29,370 the next target before the possibility of $25,800 arises.

Should we hold these levels or revert to support at $32,300, I expect the market to push back towards $38,180. Resistance at higher levels is building, as dip buyers and patient sellers await the opportunity to take profits.

The Market in Numbers

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