On this fateful day of January 21, as the world held its breath for a new era under the reign of President Donald Trump, Bitcoin (BTC) dared to test the icy waters of the $100,000 support. Alas, the anticipation was met with the cold reality of disappointment.
BTC Price Targets: A Descent into the Abyss
In the grand theater of market machinations, data from CryptoMoon Markets Pro and TradingView revealed the relentless pressure exerted by sellers, as if they were the grim reapers of the crypto world, ensuring that the six-figure BTC price boundary remained unscathed.
Inauguration Day was meant to be a spectacle, brimming with volatility, yet it left Bitcoin bulls with nothing but empty promises, as Trump failed to utter the sacred words: Bitcoin, crypto, or even a mention of a U.S. strategic reserve. Oh, the irony!
Long positions, those optimistic souls, found themselves in a quagmire, with liquidations spiraling to a staggering $500 million within a mere 24 hours, according to the ever-watchful CoinGlass. A veritable feast for the bears!
“$BTC is targeting the nearest liquidity on both sides,” quipped Hyblock Capital, a trading platform that seems to revel in the chaos of the market.
Traders, ever the optimists, began to entertain the notion of yet another liquidity sweep, this time in the mid to high $90,000 range. Ah, the sweet smell of speculative hope!
“I’d take a long from 99.5K~ if offered,” proclaimed the ever-hopeful Crypto Chase to his followers, as if he were a knight in shining armor ready to rescue Bitcoin from its perilous fate.
“I’d also accept a sweep of the 97K low, but that’s farthest it should go. Any good amount of time spent past 96-97K and my plan / read is likely off. Inval low 90’s, aiming for new ATH‘s.”
In a parallel universe, fellow trader XO pondered the December BTC price range, suggesting that the lows around $90,000 and highs at $108,000 were still very much in control. How quaint!
“December’s High & December’s Low defines the key range for me. Acceptance out of either side most likely resolves in a trend,” they summarized, as if the market were a well-behaved child.
“For now, the market will keep both bulls and bears speculating, but in truth, it’s just another range and that’s where my focus remains.”
The Bitcoin “Choppiness Index”: A Sign of Impending Chaos
Meanwhile, the sagacious trader and analyst Matthew Hyland highlighted the critical importance of Bitcoin’s 10-day simple moving average (SMA), currently teetering at $99,969. A precarious balance indeed!
“BTC quite the daily candle here. Tapped the 10 SMA then went to new all-time highs and then back below resistance but still above the 10 SMA,” he explained with a hint of drama, as if narrating a Shakespearean tragedy.
“On this 10 SMA trajectory it will have to decide by Friday to either break back upward or lose the 10 SMA.”
In a fresh update, James Check, the oracle of on-chain data, foretold a new BTC price trend emerging sooner rather than later, thanks to the Choppiness Index—a volatility tool now signaling the end of a period of sideways movement. How poetic!
“The Bitcoin Choppiness Index is fully gassed, and ready to trend,” Check announced, as if the market were a racehorse poised at the starting gate.
“As covered back in late-Nov, the thesis was we likely had several weeks of chopsolidation before properly trending away from the $100k level. We’re there.”
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2025-01-21 11:38