BTC Price Action Still Divides Bitcoin’s Consensus Remains High – What Do You Think?
Wall Street rallied around the January 17 opening as analysts eagerly awaited more information.
BTC/USD 1 Hour Candlestick Chart (Bitstamp). Source: TradingView
Opinions differ on the fate of Bitcoin
Data from Cointelegraph Markets Pro and TradingView show that BTC/USD briefly touched $21,594 on Bitstamp, the highest since September 13.
When the bullish impulses swept the picture, the main reaction in an atmosphere of doubt about the true place of return in the form of bitcoin.
One such warning comes from Michael van de Pop, the founder and CEO of the trading company Dalapan, who paid attention to the behavior around the main exponential moving average (EMA) in the crypto sector .
“Food for thought; “The total market cap and altcoin market cap are at the 200-day EMA, while bitcoin hit the zero volume,” he said.
“Most of the time, the market is down, but the question is, are we going to come back here?”
1-day BTC/USD candlestick pattern with 200-day EMA (Bitstamp). Source: TradingView
Meanwhile, popular crypto trader Tony apologized after becoming BTC’s long-term leader after more than a week of reversals.
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“Yesterday I climbed the stairs as expected. Today we will really need to: – push and recheck to make sure the place is safe for long when we are at the top – push below the side limit up and close out. The shortening. , “he wrote in an analysis published in advance of the Open.
As reported by Cointelgraph, pessimistic predictions about the future of the BTC price chart accompanied every step of its rise from a two-year low, with some still believing that the fall to $12,000 will happen.
Meanwhile, Cointelegraph reads themselves more optimistic about Bitcoin’s prospects.
Comments are now in our new Twitter survey in favor of continuing the results, with 37% of more than 1,000 users believing that Bitcoin is back on its “moonshot” path.
However, another 22% fear it could end in a “total collapse” to return to the current growth rate.
“Is Bitcoin Back?”
Elsewhere, blockchain analysis company Glasnode suggests a “wait and see” approach, debating how long the good times will last.
Related: Bitcoin Price Breakout or Bull Trap? He has 5000 Twitter users
In the latest edition of its weekly magazine, On-Chain Week, researchers look at the important lines in the sand for distribution versus revenue.
Bitcoin’s Spent Product Profit Ratio (aSOPR) will cross the 1 line below, indicating a significant reversal. If it crosses the threshold, owners will have an incentive to sell at a profit, causing oversupply and slowing the economy.
Cointelgraph previously wrote that SOPR hit a two-year low in mid-November.
“With an explosive 23.3% increase to start the year, many bitcoin investors (miners) have seen insurance (operations) gain.” The small volume of coins that have changed hands in recent months have recovered their value,” Glasnod concluded.
“With aSOPR and P/L ratio breaking 1.0, the next big question is whether the market can sustain these results.”
Bitcoin Adjusted Profit Ratio (aSOPR) chart (screenshot). Source: GlassNode
The views, ideas and opinions expressed here are solely those of the authors and do not necessarily represent or represent the views and opinions of Cointelegraph.