BTC market trading week is held under the red flags of sellers. After an unsuccessful attempt by buyers to break the mark of $35,000 at the beginning of the week, a new wave of BTC price fall began. Sellers almost managed to touch the previous local low of $28,989, confidently breaking the range of $32,000-$33,000: BTC buyers’ counterattack still looks weak As we can see in the chart, today buyers are trying to rehabilitate and regain the lost range. Given that trading volumes at the time of the attempted fall of the BTC price on 27 January were small – buyers have every chance to continue consolidation. Consolidation limits were set by market participants on 22 January and on 25 January in the range of $28,900-$35,000. It is when the price approaches these marks that the trading volumes increase significantly. And this is clearly seen in the 4-hour timeframe: So far, BTC buyers are quite passively trying to restore the previous price range. Therefore, at the moment there is a high probability of re-testing the mark of $30,400. If this test happens at low volumes – we will expect a new wave of aggressive growth to $35,000. Though, the loss of the mark of $30,400 will open the way for sellers to update the local low and test the mark of $28,000. The BTC dominance, which continues to decline, may help this scenario: The BTC influence on the crypto market continues to decline As we can see, since 16 January, the BTC influence in the cryptocurrency market is systematically declining. Of course, this played a positive role for other coins that finally reached their potential. However, the fall in the BTC dominance below 61.5% may provoke a further fall of the price to $26,200. Given the fact that below the previous local low, many traders have placed their stop orders, to save profit – the price may fall to our target quite sharply. Therefore, the failed fixation of the price above $35,000 may provoke a new wave of fall, which will complete the price correction in the BTC market. Let’s see if there are enough buyers to emerge victorious from this situation, at least in the short term.
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