BTC Is Not in the Mood to Stop at $40,000
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BTC Is Not in the Mood to Stop at $40,000

January 9, 2021      Peter Oleshchuk

The working trading week on the BTC market ends with the update of the historical high and the test of $40,365. Buyers managed to accelerate the growth trend by breaking the upper trend line of the black channel:

BTC

A new orange trend line of buyers was formed. Yesterday sellers with high volumes tested it. Immediately after the test of the mark $40,000, some investors began to fix profits, which lowered the BTC price by 10% per hour. Of course, the strong trend and excitement in the BTC market did not allow even a local change in the trend. Though, such a price fall in just one hour in the most liquidity cryptocurrency market makes us think about the question “What will happen when the strength of buyers weakens? ” So far, the price is moving in a positive scenario, which we wrote in the previous article.

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The price growth dynamics and the impact of Bitcoin predict further price growth

BTC

The current weekly candle plans to close without signs of reversal. In fact, this is a 14-week growth candle without corrections and dangerous situations in the BTC market.

The dominance of BTC in the crypto market shows preparation for breaking an important mark of 73%. Already for the 3rd week, the effect of Bitcoin fluctuates in the range of 68-71%.

BTC

Continued BTC price growth in our main scenario with a target of $65,000-$75,000 may again have a negative impact on altcoins. While the influence of BTC is in place – other coins safely “shoot” showing results from 15% to 50%. Despite the positive in the crypto market, liquidity is not enough for the harmonious growth of both BTC and altcoins. Therefore, the continued BTC growth will again pull the blanket from other projects. But we hope that it will look like a correction. The next Bitcoin stop should give altcoins a new chance to catch up.

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#Bitcoin Market #BTC price analysis
Peter Oleshchuk
Peter Oleshchuk

Peter came to know about cryptocurrencies in 2017 and was instantly enamoured by their massive potential. As he gained more insights about the crypto market, he began writing about it. Peter's daily activity is analysis and forecasting, studying the price movements probabilities, and trying to understand the market inside. He is glad to witness such a phenomenon as cryptocurrency and decentralized finance, and to participate in it.