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Wednesday, January 19, 2022

Bitcoin Price Goes Under $54,000

The stocks of Bitcoin did go down a few rungs lower on the 3rd of December after the price went under $54,000. This has led traders and investors to note that the BTC/USD daily chart currently shows a considerable uptick in the sell volume. Most investors also seem pretty concerned about the emergence of a new variant, and a strictly hawk-like behavior from the Federal Reserve.

At the same time, Charlie Munger, veteran investment icon, has increased the drama by comparing the price action in the crypto sphere to the dot com era that came to an end with the popping of the bubble. 

Bitcoin Sees Jerky Price Movements

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The untethered nature of the price action of Bitcoin over the last couple of weeks has been transparently highlighted by Decentrader, a crypto market intelligence firm- who blamed the choppy price action on far lower timeframes, and the evidence of a sluggish downtrend on higher time frames as the leading cause of the increased fear of the traders.

Analysts have suggested once the cryptocurrency goes out of its current range, the most obvious support cluster would lie between the prices of $52k and $53k- near the exact point where the price broke down during the May crash. 

Decentrader has also mentioned that if Bitcoin manages to get a deeper connection- then strong support would be in wait for it around 200DMA at $46,200- with the lower support level coming in at $44,300. To the upside, a major significant resistance level lies in wait at the sum of $60,000. 

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Although quite a few investors and traders in the crypto industry have been majorly put off by the recent price action of Bitcoin, David Lifchitz, the chief investment officer and managing partner at ExoAlpha, has implied that both BTC and Ether have been purchased on sale, when they touched the sums of $54,000 and $3,900 for those who were looking to scoop them up at those immediate levels. 

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