
The first part of the week was more than optimistic for Bitcoin. However, now it is going through the correction phase.
Jeremy Gardner, founder of Ausum Ventures: “The point is to get people to think about bitcoin, not spend it. I don’t think it’s good for that. It’s not meant to be used like cash.”
Bitcoin has stuck again: the digital currency has been trading sideways since the last Friday between $3,566 and $3,790 levels. The highly anticipated Ethereum’s update Constantinople failed to create additional volatility to the crypto market due to its postponement. The reason for that delay was a potential security vulnerability in the Ethereum’s chain.
For now, the grandfather of cryptocurrencies has been trading below the 50 MA on the H4 chart. If bulls manage to push bitcoin up, the price will retest the resistance at $3,720. If it’s broken, the next resistance is placed at $3,746. In case of a bearish pressure, bitcoin will fall to the support at $3,685. The next support is at $3,660.
In other news:
Bitcoin $3,735
Ethereum $125.21
Litecoin $32.30
DASH: $74.43
The first part of the week was more than optimistic for Bitcoin. However, now it is going through the correction phase.
Let’s consider the key levels for Bitcoin. Is it too early to talk about the bullish market?
The analysis of Bitcoin and the key events which affected the crypto and blockchain world this week
The European Central Bank will publish the monetary policy statement with the interest rate decision on January 21, at 14:45 MT time.
Joe Biden is going to unveil a Covid-19 relief package of about $2 trillion. After this announcement, the 10-year Treasury yield rose, adding support for the USD.
The US dollar’s weakness offered a boost to emerging-market currencies and oil.
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