Real warriors never surrender. This phrase is perfect to emphasize the ambitions of buyers in the BTC market. After a sharp price fall during 10-11 January, buyers found resistance in the range of $32,000-33,000. A local BTC price rebound, about which we wrote in the previous article with the target of $38,000 buyers has fulfilled. Well, the price even went higher, again testing $40,000:
The ease of BTC price recovery indicates stable buyers’ demand
As you can see in the chart, buyers have quite confidently achieved the above targets. The aggressive nature of price movements is also supported by trading volumes. Over the last two days, daily trading volumes have not decreased compared to the trading period from 2 to 8 January. BTC buyers have been keeping the white trend line from 12 December under their control, and as well as the range of $32,000-$33,000. As long as these conditions are met, we see no problem for the price to try to update the historical high.
For buyers to be able to test the limit of the previous historical high within this attack, they need to keep the local level of $36,500. In the 4-hour timeframe it is noticeable that now sellers are trying to test this mark:
Sellers’ strength is above the BTC historical high
This mark brought a lot of problems to sellers when they launched their sharp attack on 10-11 January. At the moment, the attempt of sellers to change the local yellow trend to re-test the range of $32,000-$33,000 seems weak. For 16 hours, sellers actually got nothing but fatigue. So far, even the test of $36,500 is in question.
The BTC dominance since 10 January is in the range of 68-70%:
During this time, some coins have shown remarkable growth, experiencing a decrease in BTC pressure on the crypto market. The trend of BTC influence on the crypto market tends to decrease. This fact may have a positive effect on the growth of altcoins prices, which have not yet caught up with BTC. The main condition is BTC price remains above the range of $32,000-$33,000.