Technical Analysis
Let's take a look at some key metrics.
It opens at $40K and goes down to around $38K again and stable around $38K. The average transaction fee is $13.69 which is 11.4% decrease from 01-09-21.
I think it is a good sign that Bitcoin price is cooling down to build up another momentum.
As I mentioned yesterday, Bitcoin price will drop to floor around $37K ~ $39K Which it did.
The average transaction fee has not yet improved and we may see price continues going down to around $36K.
After all,
Bitcoin Value = $36k ~ $41k
Most Bullish News
More institutional investors own Bitcoin
It helps Bitcoin to further legitimate its position as hedge inflation.
Most Bearish News
Bitcoin's risky character scares away from potential customers
It indicates that many buyers may still back away from owning Bitcoins which may limits Bitcoin potential up scaling of number of owners.
Thanks for reading and see you tomorrow!
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You can reference my previous analysis here:
Bitcoin Technical Analysis 01-07-21
Bitcoin Technical Analysis 01-08-21
Bitcoin Technical Analysis 01-09-21
You can reference my methodology here and here.
Disclosure: I/we have no positions in any cryptocurrencies mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose cryptocurrencies are mentioned in this article. This information is only for educational purposes.