Bitcoin Technical Analysis 01-08-21

By xuanling11 | Crypto Learning | 8 Jan 2021


Market Cap of Bitcoin is growing fast!

Bitcoin continuing dominating the market cap of cryto-world.

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Technical Analysis

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Let's take a look at some key metrics.

It opens at $38K and hit up to $41K and stable around $40K. The average transaction fee is $11.98 which is 1.4% increase from 01-07-21.

As I mentioned yesterday that Bitcoin Value =  $35k ~ $40k and bullish continue pushing price higher at $41K.

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I still thinking that its value is bouncing between $35k ~ $40k zone. Overbought is continuing break through but it will drop eventually.

I will raise a floor and ceiling value to $37K and $41K respectively which is

Bitcoin Value =  $37k ~ $41k

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Most Bullish News

Institutional buyers are demanding more to hedge against inflation

It drives up the intrinsic value because its price is validated by expert. Demand will drive up as quick and there will be price floor to support the value.

And $200K to the moon!

Most Bearish News

Bitcoin liquidity dry up fast and speculation of Bitcoin value

Both may indicate the Bitcoin is over value and bubble is continue to inflate.

Thanks for reading and see you tomorrow!

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You can reference my previous analysis here:

Bitcoin Technical Analysis 01-07-21

You can reference my methodology here and here.

 

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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.

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xuanling11
xuanling11

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