Is Bitcoin going bullish? Not yet!
Where is the bottom of the bearish market? When will BTC break $40,000? BTCNEXT analysts have some clues — check them out!
19–31 January main events
- Grimace Coin meme token and joke from McDonald’s is up 259,000%. The corporation offered Tesla the option to sell electric cars for the fictitious Grimace Coin token, in response to Musk’s joke about fast food for Dogecoin. The meme-coin of the same name instantly rose in price by more than 259,000%.
- The IMF called on El Salvador to abandon Bitcoin. The Executive Board of the International Monetary Fund (IMF) recommended that El Salvador deprive BTC of holding the status of ‘legal tender’.
- The collapse of Diem from Meta (Facebook). The stablecoin project Diem (formerly Libra) is falling apart under pressure from regulators and the Diem Association is considering selling its intellectual property and other assets.
Bitcoin found an intermediate bottom at $33,000. While the bulls are holding the $36,600-$38,000 zone, the price may rise to $39,600 and the $41,000-$43,000 range. Support is at $33,000-$34,000. The bear market low could be in the $30,000-$31,000 range. As long as the daily chart is below $51,000-$53,000, there is no talk of a new high.
The Fear and Greed Index is in the fear zone at 24 points. Funding has risen to 0.01 and there has been a slight reduction in shorts, though there is still a very large number of them. Open interest over the past day has risen above $15 billion. The outflow of coins from exchanges continues. Purchases dominated the deal feed all week long.
It’s worth watching the support at $34,400-$35,500. If the bulls defend this level, we will rise to $39,650-$41,000. If however the Bitcoin price manages to gain a foothold above these levels, we can count on a stronger rebound to $43,500-$44,400, $45,500 and $47,500-$48,300. If BTC drops below the $35,500-$34,400 range, it’s worth preparing for a decline to $31,000. Altcoins will recover more slowly than Bitcoin and will decline faster.
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