Home Fear & Greed Pools Wallets Dictionary Advertise Facebook Twitter Telegram Reddit Youtube
Market Cap:
24h Vol:
Cryptocurrencies: 12450
Markets: 96130
CoinInsight360.com logo CoinInsight360.com logo
ENG
EST
RUS
TUR
DEU
CHI
KOR
ITA
USD
USD
AED
AFN
ALL
AMD
ANG
AOA
ARS
AUD
AWG
AZN
BAM
BBD
BDT
BGN
BHD
BIF
BMD
BND
BOB
BRL
BTN
BWP
BYN
BZD
CAD
CDF
CHF
CLF
CLP
CNH
CNY
COP
CRC
CUC
CUP
CVE
CZK
DJF
DKK
DOP
DZD
EGP
ERN
ETB
EUR
FJD
FKP
GBP
GEL
GHS
GIP
GMD
GNF
GTQ
GYD
HKD
HNL
HRK
HTG
HUF
IDR
ILS
IMP
INR
ISK
JMD
JOD
JPY
KES
KGS
KHR
KMF
KPW
KRW
KWD
KYD
KZT
LAK
LBP
LKR
LRD
LSL
LYD
MAD
MDL
MGA
MKD
MMK
MNT
MOP
MRU
MUR
MVR
MWK
MXN
MYR
MZN
NAD
NGN
NIO
NOK
NPR
NZD
OMR
PAB
PEN
PGK
PHP
PKR
PLN
PYG
QAR
RON
RSD
RUB
RWF
SAR
SBD
SCR
SDG
SEK
SGD
SHP
SLL
SRD
SSP
STD
STN
SVC
SYP
SZL
THB
TJS
TMT
TND
TOP
TRY
TTD
TWD
TZS
UAH
UGX
UYU
UZS
VES
VND
VUV
WST
ZAR
ZMW
ZWL
A company that is changing the way the world mines bitcoin

WallStreet Forex Robot 3.0
Market Cap
24h Vol
12450
Cryptocurrencies
55.82%
Bitcoin Share
CoinDesk 2025-01-14 06:21:00

Is Bitcoin Bottom In? BTC's Price Action is Inverse of December Peak Above $108K

Is Bitcoin Bottom In? BTC's Price Action is Inverse of December Peak Above $108K

The pressing question on crypto traders' minds is: Has bitcoin's (BTC) price weakness run its course, or is there more to come? The former appears to be the case as Monday's price action, characterized by a swift recovery from intraday lows, contrasted with mid-December when the rally stalled and turned lower from record highs above $108,000. On Monday, BTC initially fell as investment banks scaled back expectations for Fed rate cuts, with some discussing the potential for rate hikes following Friday's stellar jobs report, causing prices to dip below the lower end of the key support zone of $90,000-$93,000 as major U.S. stock indices gapped lower . The breakdown of the support, however, was short-lived, and by the end of the day, BTC had surged back to $94,000, leaving behind a classic " long-legged Doji candle ." The long wick signifies downtrend exhaustion, indicating that although sellers initially drove prices lower, buyers ultimately overpowered them. This pattern is often seen as a potential signal of a bottom, mainly when it occurs at key support levels or after a notable price drop, as is the case for BTC. The long-legged doji has emerged at the support zone (horizontal lines) that has consistently restricted the downside since late November. An inverse of the above is what we saw on Dec. 16 when the bulls failed to keep prices at record highs above $108,000, printing a doji candle with a longer upper shadow. That was a sign of the uptrend running out of steam, with sellers looking to reassert themselves. What next? While Monday's price action hints at a potential bottom, confirmation is required in the form of a decisive move above the day's high of $95,900. Chart-driven directional traders typically wait for that before hitting the market with fresh buy orders. Meanwhile, Monday's low near $89,000 is now the level to beat for the bears. Note that BTC's demand-supply dynamics continue to lean bullishly. As Bitwise's Head of Research - Europe Andre Dragosch pointed out on X , the corporate demand for BTC has already outpaced the supply of new coins this year. Price volatility may pick up again on the back of Wednesday's U.S. CPI report, which could influence Fed rate cut expectations. "After Monday's sharp drop, Bitcoin rebounded from a low of $89K, as traders await the U.S. CPI report on Jan. 15. Major altcoins followed suit, with many losing more in the last 24 hours," Neal Wen, head of global business development at Kronos Research, told CoinDesk. "Market watchers are now focused on signs of stability to see further downside or upside," Wen added.

Most Read News



Cryptohopper
hardware wallets, hardware , wallets, Crypto Currency, Cryptocurrency hardware wallets, Crypto Apparal, crypto wallet, Cryptocurrency wallets

Market Cap
24h Vol
55.82%
Bitcoin Share
61
Today News
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.