The price of Bitcoin is consolidating around the $33K level, with the first half of January being dominated by a series of high profile retailers announcing they will cease accepting the cryptocurrency as a payment method.  Some retailers have been very outspoken about their decision to drop Bitcoin, including JP Morgan’s Dimon who, back in September, called Bitcoin a “fraud”, and the company’s CEO who told investors last week that, “You can’t value Bitcoin because it’s not a value-producing asset.”

Cryptocurrency is one of the hottest topics in the digital currency space. The entire industry seems to be expanding at an incredible rate, and yet the focus on many of the major players seems to be shifting to the price of Bitcoin in particular. The latest news has a lot of people feeling positive about the state of affairs, as the price of Bitcoin has risen to a two-month high, following a number of announcements from companies that have decided to stop accepting the digital currency as payment.

Summary of the situation

  • Analysis of the bitcoin price shows that BTC is currently experiencing consolidated momentum near $33,000.
  • BTC/USD could soon find itself in a bullish trend above $36,000.
  • The value of bitcoin is falling as retailers pull their bitcoins from exchanges.

Cryptocurrency Heatmap from Coin360

Bitcoin price analysis: BTC consolidates near $33K as retailers exit in droves

The bitcoin price is consolidating around $32,000 as retail traders pull out of the bitcoin market, affecting volume. Recently, the demand for bitcoin has been declining among institutional and retail investors. The price of bitcoin has dropped below $35,000 with no signs of a breakout yet. Bitcoin is currently trading at $31,987 on the Bitfinex exchange.

The use of bitcoin by retailers is declining rapidly, according to an analysis of bitcoin prices. They lean back to clarify the future path. As fewer and fewer people use bitcoin, it becomes difficult for miners to maintain transaction volume, which prevents more money from circulating.

The amount of BTC on exchanges has been steadily declining since May 2021. According to the researchers, this decline is largely due to the arrival of institutional companies such as Grayscale. Bitcoin has fallen to the reserve currency. As a result, the TVL of the defibrillator platform increased simultaneously. Analysis of the bitcoin price shows that this could be an indicator of a possible return to previous BTC highs for investors with different levels of risk appetite.

Bitcoin price movement in the last 24 hours: Stagnant prices confuse investors

The BTC/USD pair is facing a resistance level around $31,000, which shows how many investors have bought the cryptocurrency so far. It is assumed that traders sell their bitcoins to investors in the hope of reacquiring them.

Bitcoin is currently in a lower trend and trading near $31,725. It fell 4% on the day, but volume and capitalization fell significantly in 24 hours. Based on the volume to market capitalization ratio, it is clear that this asset is on a downward trend. However, if the price rises above $40K, we could see an increase in bullish momentum, according to bitcoin price analysis.

Some analysts see Capital International Group’s investment in MicroStrategy as a signal of strong interest from institutional investors. The investment group bought a 12.3% stake in MicroStrategy, which currently has 105,084 bitcoins in its accounts. These are signs of indirect involvement of the company in BTC.

Early bearish phases are usually accompanied by fundamental triggers that do not immediately attract the market’s attention. Analysis of the bitcoin price shows how savvy investors accumulate stocks during these periods and that prices eventually catch up with fundamentals.

Chart four hours BTC/USD: Are the technical indicators ready to give signals?

by TradingView

Bitcoin price analysis: BTC consolidates near $33K as retailers exit in droves

The charts show a long tail that shows the defenses the bulls have built against possible bearish action in the near future. The technical analysis shows that sellers are holding near the 20-day exponential moving average. The price could drop to $31,000 if the sell-off rally intensifies. In the event of an extreme sell-off, the next major support lies at the $20,000 level according to bitcoin price analysis.

However, if the bulls push price above the 20-day EMA (currently at $32,971), this could be a sign of a possible bullish reversal. If it breaks through tomorrow, it could reach $36,670. And if that happens, our currency could rise again to the resistance zone between $41,330 and $42,451.67.

The asset’s RSI is at the 41.57 level, entering neutral territory – forming a negative slope, indicating potentially weaker price action in this area.

Bitcoin Price Analysis Number: Is there a big move coming in BTC/USD?

The weekly chart of bitcoin shows that the price is falling, but on the daily chart it has rebounded within the consolidation zone and is trying to turn upwards.

The Bitcoin price is below its 50- and 100-day straight moving averages, which have historically crossed negative. Bitcoin’s 50-day line at $35457 currently makes the price stable.

Bitcoin price analysis shows that BTC price is rising fast and can jump above 50 and 100 DMA resistances, allowing BTC to reach new highs.

The price of bitcoin has fluctuated, but has remained above $30,000 since falling in January. Bitcoin’s upward trend may resume when the currency reaches a temporary high of $37,000.

The US consumer price index (CPI) rose 0.9% year-on-year and 5.4% year-on-year in June 2021, the fastest pace since 2009. However, bitcoin’s response to rising inflation has reinforced doubts about its potential to hedge against inflation.

Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.

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