Technical Analysis
Let's take a look at some key metrics.
It opens at $34K and goes down to around $32K and stable around $33K ~ $34K. The average transaction fee is $16.38 which is 12.7% increase from 01-12-21.
Bitcoin price is continue stabilizing around $33K ~ $36K.
I think Bitcoin value is stable that indicate market is watching how economic will improve or deteriorate in short term after Joe Biden inauguration.
After all, $29k ~$30k is strong support and I remain ceiling price to $38k due to continue recovering of US economic.
Bitcoin Value = $30k ~ $38k
It indicates that Bitcoin legitimate status continue improving within Institutional trading communities.
Regulation tighten in Bitcoin globally
It indicates that Bitcoin value may not to justify in long term.
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
Bitcoin Technical Analysis 01-10-21
Bitcoin Technical Analysis 01-11-21
Bitcoin Technical Analysis 01-12-21
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.