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Bitcoin Weekly Price Analysis Week 01/03

Bitcoin (BITCOMP) performed well during the Christmas season but lost momentum earlier this year. The world's largest cryptocurrency seems to have reversed its losses from earlier in the month, after trading below $46,000 by December 20.


  • Jan 04, 2022
  • 3 Mins
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  • Updated : Aug 16, 2022

Bitcoin is changing its margin and has exhausted retail investors. Given the low volume and structure of market volatility, significant development is expected in the coming days. In recent days it has been difficult for bears and bulls to win the game.

Price is currently at a critical level (orange box), and a break above or below that box will determine the mid-term direction. In the case of being supported by the orange zone, it's not that cheap to hit $75,000. However, if the bears show more power, the price will revert to the lower (green) range formed in the last year on a daily time frame.



Therefore, forming a lower low, in this case, down to $30,000, will insure a bearish in the mid-term to long-term.

Bitcoin (BITCOMP) performed well during the Christmas season but lost momentum earlier this year. The world's largest cryptocurrency seems to have reversed its losses from earlier in the month, after trading below $46,000 by December 20.

Over the past few days, there have been negative price movements in the major cryptocurrency. It increased slightly on December 31, before dropping below $3,000 an hour to drop below the $ 46,000 threshold.

The New Year started on a more positive note, approaching $48,000 on two occasions. However, it failed to break that line, and the subsequent rejection drove it south to $47,000, where it stayed for a while, as reported yesterday.

Bears have since taken control, bringing BTC down to $45,800. So far, bitcoin has made a comeback and has recovered $46,000, but it is still in the red on a daily basis.

As a result, the market capitalization of assets remains well below $900 billion. Bitcoin Drops After the Holidays It has been a bad week for crypto assets. But Elon Musk remains optimistic, telling Lex Fridman's podcast that he believes BTC's pioneer and creator of Bit Gold, Nick Szabo is the main creator of the myth. Bitcoin has fallen above 6% this week, as has Ether (ETHUSD), while Doge (DOGEUSD) is even worse with a loss of 9.25%. But Elon thinks Mars needs its own currency and will likely be a cryptocurrency. "The future of Mars must depend on Martians," he said in a recent interview. He also pointed out that the name is ultimately no less important than the idea. So it might not matter who Satoshi is. The live Bitcoin price today is $46,874.61 USD with a 24-hour trading volume of $34,457,710,840 USD. What affect Bitcoin Price? Like any other asset, supply and demand influence the price of Bitcoin just as easily. However, the value of Bitcoin may be affected by certain underlying global events: for example, in 2016, the modernization of Indian banknotes had a positive effect on Bitcoin. In India, the cryptocurrency price was trading 20% higher than in the rest of the world. Looking back in recent years, the 2019 bull run could be linked to a Facebook announcement about the Libra project. The bull run began to gain momentum as news of the severity of Libra regulations began to appear in the news. In addition to major world events, there are also Bitcoin heavy-bag holders, also known as Bitcoin Whales. They have thousands of BTCs, which is enough to create many daily pricing maneuvers. Binance Free $100 (Exclusive) : Use this link to register and receive $100 free and 10% off fees on Binance Futures first month.

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Disclaimer: Information found on WWCrypto is those of writers quoted. It does not represent the opinions of WWCrypto on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.


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Jenny Olajumoke is one of our Freelance Associates at WWCrypto, Jenny Olajumoke is tasked with writing high quality content on a regular basis for us. Jenny Olajumoke joined us in January 2022.


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