• About
  • Advertise
  • Contact
Cryptopolitan
  • Home
  • News
    • All
    • Altcoin News
    • Binance News
    • Bitcoin Cash News
    • Bitcoin News
    • Blockchain News
    • Cardano News
    • ChainLink News
    • Cyber Security News
    • Dogecoin News
    • EOS News
    • Ethereum News
    • Exchange News
    • Industry News
    • Litecoin News
    • Monero News
    • Polkadot News
    • Regulation News
    • Research News
    • Ripple News
    • Scam News
    • Token Sale
    • Tron News
    Bitcoin price prediction – Huge uptrend awaits BTCUSD past $34k resistance

    Bitcoin price prediction – Huge uptrend awaits BTC/USD past $34k resistance

    Tether

    Tether USDT: What happens if the stablecoin collapses?

    Cryptos

    Cryptos banned: Russian government officials will no longer own digital currencies

    Litecoin price

    Litecoin price prediction: LTC to fall to $120.00 support level

    Bitcoin

    Bitcoin supply crisis could spark a hike in BTC price

    Ethereum price

    Ethereum Price Prediction: ETH trims gains after setting new ATH at $1,480

    Coinbase

    $27 Million XRP wired to Coinbase from “Anonymous user”

    Bitstamp Crypto custody services

    Dutch Bitstamp new requirement of proof of income for withdrawal irks users

    Gemini expands in Singapore with localized crypto offerings

    Gemini expands in Singapore with localized crypto offerings

    Trending Tags

    • Fintech
    • Bitcoin Industry
    • Stock Market
    • Digital Currency
    • Bitcoin
    • Altcoin
    • Blockchain
    • Binance
    • Security
    • Ripple
    • Litecoin
    • Ethereum
    • Dogecoin
    • Cardano
    • Tron
    • Token Sale
    • Industry
    • Exchange
    • Polkadot
    • ChainLink
  • Guides
  • Regulation
  • Price Index
    • Bitcoin Price
    • Ethereum Price
    • Ripple Price
    • Bitcoin Cash Price
    • Chainlink Price
    • Litecoin Price
    • Polkadot Price
    • Cardano Price
    • Binance Coin Price
    • Stellar Price
    • EOS Price
    • Tron Price
    • Monero Price
    • Dash Price
    • IOTA Price
    • Dogecoin Price
    • Altcoin Price
  • Research
  • Scam
  • Events
No Result
View All Result
Cryptopolitan
  • Home
  • News
    • All
    • Altcoin News
    • Binance News
    • Bitcoin Cash News
    • Bitcoin News
    • Blockchain News
    • Cardano News
    • ChainLink News
    • Cyber Security News
    • Dogecoin News
    • EOS News
    • Ethereum News
    • Exchange News
    • Industry News
    • Litecoin News
    • Monero News
    • Polkadot News
    • Regulation News
    • Research News
    • Ripple News
    • Scam News
    • Token Sale
    • Tron News
    Bitcoin price prediction – Huge uptrend awaits BTCUSD past $34k resistance

    Bitcoin price prediction – Huge uptrend awaits BTC/USD past $34k resistance

    Tether

    Tether USDT: What happens if the stablecoin collapses?

    Cryptos

    Cryptos banned: Russian government officials will no longer own digital currencies

    Litecoin price

    Litecoin price prediction: LTC to fall to $120.00 support level

    Bitcoin

    Bitcoin supply crisis could spark a hike in BTC price

    Ethereum price

    Ethereum Price Prediction: ETH trims gains after setting new ATH at $1,480

    Coinbase

    $27 Million XRP wired to Coinbase from “Anonymous user”

    Bitstamp Crypto custody services

    Dutch Bitstamp new requirement of proof of income for withdrawal irks users

    Gemini expands in Singapore with localized crypto offerings

    Gemini expands in Singapore with localized crypto offerings

    Trending Tags

    • Fintech
    • Bitcoin Industry
    • Stock Market
    • Digital Currency
    • Bitcoin
    • Altcoin
    • Blockchain
    • Binance
    • Security
    • Ripple
    • Litecoin
    • Ethereum
    • Dogecoin
    • Cardano
    • Tron
    • Token Sale
    • Industry
    • Exchange
    • Polkadot
    • ChainLink
  • Guides
  • Regulation
  • Price Index
    • Bitcoin Price
    • Ethereum Price
    • Ripple Price
    • Bitcoin Cash Price
    • Chainlink Price
    • Litecoin Price
    • Polkadot Price
    • Cardano Price
    • Binance Coin Price
    • Stellar Price
    • EOS Price
    • Tron Price
    • Monero Price
    • Dash Price
    • IOTA Price
    • Dogecoin Price
    • Altcoin Price
  • Research
  • Scam
  • Events
No Result
View All Result
Cryptopolitan
No Result
View All Result
Home News Bitcoin News

Bitcoin trend analysis – BTC struggling amid downtrend as price holds $35,000

Gurpreet Thind by Gurpreet Thind
January 12, 2021
in Bitcoin News
5 min read
Bitcoin trend analysis – BTC struggling amid downtrend as price holds $35,000
585
SHARES
3.2k
VIEWS
Share on FacebookShare on Twitter
  • Bitcoin trend analysis enters the negative zone as traders embrace shockwaves
  • Correction from all-time highs was expected as technical indicators were overbought
  • Miners are selling in large quantities to protect them against low prices
Bitcoin trend analysis – BTC struggling amid downtrend as price holds $35,000 1
Cryptocurrency heat map by Coin360

TL;DR

As miners shift the entire narrative of Bitcoin trend analysis, the price hovers around the recent lows. After crossing the $40,000 mark, Bitcoin price is now facing excessive selling pressure as bulls take a retreat back into the safe zone. The prolonged correction may take Bitcoin trend analysis once again into the bearish territory.

Bitcoin price movement in the last 24 hours reflects the consolidation

Bitcoin approached $31,000 in a bid to end the correction phase. At the time of writing, the price hovers around $34,000 and has recovered into the Bollinger Bands zone. The sharp recovery has come on the backdrop of a sharp downturn that threatened the loss of weekly gains. However, the bears are in no mood to let go as the price is still following a downward sloping channel.

Any aggressive buying phase can be met with an equally strong selling spree by the bears. The 20-day EMA at $32,000 has been able to hold the price on the hourly charts. The next immediate support lies at $30,000, where the 38.2 percent Fibonacci level will give much help to the bulls.

RelatedPosts

Bitcoin price prediction – Huge uptrend awaits BTC/USD past $34k resistance

Bitcoin supply crisis could spark a hike in BTC price

Bitcoin price hovers around $30,000 as market cap loses $80 billion

NASDAQ-listed firm Marathon has purchased $150 million Bitcoin

A rebound from the current lows can trigger a slight uptrend that may take the price above $36,000. The extension of such a correction into a bull rally will happen if institutional buying happens aggressively. The bulls will be eager to restart the uptrend and take the price above $38,000 to target fresh all-time highs.

BTC/USD 4-hour chart – Short term bearish clouds take over price action

Bitcoin trend analysis – BTC struggling amid downtrend as price holds $35,000 2
Bitcoin price chart by TradingView

Bears are currently in the driving seat as the pair has broken past key support levels on the hourly charts. The ongoing bullish rally on the daily charts is under threat from the Bitcoin trend analysis’s current predicament. The pair may fall below other key support levels that mark the daily bull run.

The fantastic run-up to the $42,000 highs has shown the potential BTC holds in store. However, the price volatility is evident in the recent correction. Bitcoin trend analysis shows that the price has come down by around 18 percent in the present downturn.

Technically, the RSI is now under 50 and very much in the bear zone. MACD is also showing a similar trend. Therefore, any bull run has ample room to take the price upwards. The quick drop in the price will undoubtedly attract HODLers who will look to accumulate at the current price. Most of the recent gains have been wiped out in the present downturn making traders jittery.

Bitcoin trend analysis – BTC struggling amid downtrend as price holds $35,000 3
Source: HashRateIndex

In the hourly setup, traders are looking to square-off margin calls and stop further purchases until the picture becomes clear. The demand-supply disruption can trigger another short-term downtrend on Bitcoin trend analysis.

Why are BTC miners selling?

Ever since block reward halving, the miners were looking for an opportunity to take profit. The recent high of $42,000 is perhaps the right time to reap long-term benefits in the BTC price rise. The unmatched selling has so far not sparked buying interest in the buyers. Both exchanges and miners can be jointly attributed to the current selling pressure.

There has been a notable surge in the Miner Position Index. The fall mimics the downtrend witnessed back in 2019. Short term Bitcoin trend analysis shows that miners would continue to build selling pressure for the next few days. Also, the overbought technical indicators will tone down as the BTC price comes down.

Miner Position Index looks enough to make a local top. They're selling $BTC.

I'm going to punt a small short to scalp $BTC in this short-term bearish market.

Chart 👉 https://t.co/RbSJ9xbC56 pic.twitter.com/7RbQN7BgwW

— Ki Young Ju 주기영 (@ki_young_ju) January 10, 2021

However, once the MPI top is put in place, miner selling will subdue, and the price will start stabilizing. The short-term traders can look for some scaping opportunities in the current setup. Any long-term bearish view can backfire if the appropriate stop-loss is not put in place. Correction is going to be short-lived in Bitcoin trend analysis. The institutional buying will likely help BTC regain its current all-time high levels.

Bitcoin trend analysis – Bearish short term outlook

Traders must refrain from taking excessive short positions with leverage. The current downtrend won’t persist for long as technical indicators, and the broader crypto market perspective is positive. The price isn’t likely to go below the psychological support at $30,000. Such a fall will likely bring bulls back into the picture.

Strong buying support is being observed at $32,000, where chances of price recovery are high. Considering the recent pullbacks from the lows, Bitcoin price will surely turn this downtrend into another buying opportunity. The possibility of a 30 percent pullback is very less. If the price closes above $34,000, bulls will start emerging from the shadows, albeit with a slower momentum.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Tags: cryptocurrency tradingcryptomarket
Gurpreet Thind

Gurpreet Thind

Gurpreet Thind is pursuing Masters in Electrical Engineering at University of Ottawa. His scholarly interests include IT, computer languages and cryptocurrencies. With a special interest in blockchain powered architectures, he seeks to explore the societal impact of digital currencies as finance of the future. He is passionate about learning new languages, cultures and social media.

Related Posts

Bitcoin price prediction – Huge uptrend awaits BTCUSD past $34k resistance
Bitcoin News

Bitcoin price prediction – Huge uptrend awaits BTC/USD past $34k resistance

January 27, 2021
Bitcoin
Bitcoin News

Bitcoin supply crisis could spark a hike in BTC price

January 26, 2021
Bitcoin price
Bitcoin News

Bitcoin price hovers around $30,000 as market cap loses $80 billion

January 26, 2021

Follow Us

  • 40.6k Fans
  • 8.3k Followers

Latest News

Bitcoin price prediction – Huge uptrend awaits BTCUSD past $34k resistance

Bitcoin price prediction – Huge uptrend awaits BTC/USD past $34k resistance

January 27, 2021
Tether

Tether USDT: What happens if the stablecoin collapses?

January 26, 2021
Cryptos

Cryptos banned: Russian government officials will no longer own digital currencies

January 26, 2021
Litecoin price

Litecoin price prediction: LTC to fall to $120.00 support level

January 26, 2021
Bitcoin

Bitcoin supply crisis could spark a hike in BTC price

January 26, 2021

Signup To The Daily Roundup

Get New Posts By Email:
Privacy Policy

Got a Story tip? Email Contact@Cryptopolitan.com

News

Guides
Bitcoin News
Blockchain News
Ethereum News
Industry News
Research News
Scam News
Regulation News
Exchange News
Bitcoin Price
Ethereum Price
Bitcoin Cash Price
Cardano Price
Dash Price

Stay Connected

Facebook
Twitter
Telegram
Youtube

Company

About
Contact
Write for us
Advertise with us
Privacy Policy
Cookie Policy
Comment Policy
Editorial Policy
Terms and Conditions
Crypto Portfolio Tracker

Exclusive Partners of

Footer 4

Got a Story tip? Email Contact@Cryptopolitan.com

cryptopolitan 1

News

Guides
Bitcoin News
Blockchain News
Ethereum News
Industry News
Research News
Scam News
Regulation News
Exchange News
Bitcoin Price
Ethereum Price
Bitcoin Cash Price
Cardano Price
Dash Price

Stay Connected

Facebook
Twitter
Telegram
Youtube

Company

About
Contact
Write for us
Advertise with us
Privacy Policy
Cookie Policy
Comment Policy
Editorial Policy
Terms and Conditions
Crypto Portfolio Tracker

Cryptopolitan brings you quality Blockchain and Cryptocurrency news, ICO reviews, crypto technical analysis, and other unique news insiders. We cover Bitcoin news, altcoins news, blockchain projects news, ICO news, regulatory developments and the confluence of news on the leading blockchain technologies.

© 2021 Cryptopolitan. All rights reserved. Terms | Privacy

No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Altcoin
    • Blockchain
    • Binance
    • Security
    • Ripple
    • Litecoin
    • Ethereum
    • Dogecoin
    • Cardano
    • Tron
    • Token Sale
    • Industry
    • Exchange
    • Polkadot
    • ChainLink
  • Guides
  • Regulation
  • Price Index
    • Bitcoin Price
    • Ethereum Price
    • Ripple Price
    • Bitcoin Cash Price
    • Chainlink Price
    • Litecoin Price
    • Polkadot Price
    • Cardano Price
    • Binance Coin Price
    • Stellar Price
    • EOS Price
    • Tron Price
    • Monero Price
    • Dash Price
    • IOTA Price
    • Dogecoin Price
    • Altcoin Price
  • Research
  • Scam
  • Events

Copyright © 2020 Cryptopolitan.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.