Yesterday’s trading on the BTC market encouraged and disappointed investors at the same time. After the unsuccessful local low update by sellers on 27 January, a new wave of growth began. It did not give much hope for the historical high update. However, yesterday 29 January, within an hour, the BTC price on insane volumes rose by 13%. While some analysts attribute this phenomenon to Elon Mask’s tweet, others attribute it to the expiration date of futures to Bitcoin. Though, one thing is clear – it was a short-term action, which the market did not accept too happily. In fact, in a few hours, buyers were able to test the main global range of $38,000-40,000, which separates them from the historical high update: Buyers did not keep the range of $35,000-35,700 But buyers failed to retain the conquered territories. The main problem that buyers had was the loss of the broken trend line and the return of initiative to sellers. Thus, if yesterday is thrown out of the trading history, nothing much will change. The price is still below the mark of $35,000-35,700 and is more likely to continue the BTC price correction. Another unpleasant fact is the trading volumes, with which sellers were able to significantly lower the price. The correction of yesterday’s momentum took place at low volumes. However, looking at the sharp decline, it seemed that Bitcoin was being sold in a panic. So far, this indicates the lack of a good liquidity zone, from which buyers were able to start a new growth wave. The sellers have taken the initiative and are aiming for the mark of $32,000 Buyers are now trying to fix above the mark of $33,800. If they succeed, the chances of continued growth in the BTC market will increase. Although, we think that in a few days the BTC price will stop in consolidation. Nevertheless, if buyers do not keep the mark of $33,800 and the bitcoin price continues to trade within the falling channel – we will expect a mark of $32,000. It was from this mark that yesterday’s pump began. The monthly candle at the BTC market closes on Sunday, so the weekend can be full of surprises. Let’s see on Monday what scenarios await us during February.
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