Tough Recovery: The rise of bitcoin (BTC) is currently halted by a big resistance around $ 66,400. A drop below $ 59,000 is expected before the bulls start running again towards $ 200,000 and above.
The daily price of Bitcoin (BTC) is offered to you in collaboration with Trading du Coin and their algorithmic trading solution finally accessible to people.
Bitcoin Halfway to Moonvember: The $ 58,800- $ 66,800 Range
Bitcoin breaks above $ 66,300 on Bitfinex today, January 15, 2021, before starting a sharp drop to around $ 63,700. Bitcoin is trading at $ 64,157 at the time of writing, and is currently posting a 0.16% mini daily gain.
For trader Michaël van de Poppe, “a clear bullish breakout” would occur if bitcoin broke the $ 66,400 – $ 66,800 resistance zone.
In terms of short-term support, the bitcoin crash on Nov 12, 2021 following the rejection of the VanEck Sports ETF by the US SEC showed that bitcoin is enjoying solid support at around $ 62,200.
For trader Rekt Capital, bitcoin could retest $ 58,787 if it breaks an oblique black uptrend line that the trader indicated on a chart. This breakout level is currently near $ 63,000 and could rise to $ 64,000 in about 3 days.
Peak of this bull cycle: the conquest of $ 200,000 and more
According to the Top Price Model, which is an indicator developed by on-chain analyst Willy Woo to identify the peak of bitcoin cycles, the latter should peak at $ 214,000. The indicator multiplies the average bitcoin price by 35 to determine this higher.
The maximum price model has been tested more than three times and was able to correctly determine the maximum of each cycle each time, in June 2011, April and December 2013, and the maximum of the most recent cycle that was reached in December 2017 .
Bitcoin currently leaves room for doubt about a possible rally that could begin this week to achieve PlanB’s $ 98,000 prediction by the end of November 2021. The bull run may not be over, but it has slowed after Bitcoin reached. its ATH around $ 69,000. .
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