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Bitcoin Bitcoin News Blockchain Trading School TradingView

Bitcoin Closes in $37K Last Major Resistance, What Comes Next?

Posted On January 7, 2021 Taha Zafar 0

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Bitcoin appears to have gathered the momentum for an unstoppable rally, as the top crypto-asset by market capitalization has gained 60% over the course of the last two weeks. It’s currently trading at a new all time high of $37,000, up from $24,000 on 24 DEC and the price action hasn’t shown any signs of weakness so far. TA suggests a straight up BTC climb to $43,000, before retracing and allowing for consolidation.

Bitcoin Price Crosses $37,000 - Binance
Bitcoin Price Crosses $37,000 – Binance

Bitcoin 4H price charts show Fibonacci sequence patterns and a lightning pattern finally culminating in ascension to $43,000 per BTC mark. According to pivot point 2nd level resistance, there will be slight hindrance at $38,247 and then at $40,211 mark, but that is likely to be crossed without significant difficulties with the current momentum.

Bitcoin 4H Price Chart Bitfinex BTC/USD - TradingView
Bitcoin 4H Price Chart Bitfinex BTC/USD – TradingView

Further, oscillators and moving averages are still indicating a buy signal on the 4H chart, confirming that the current rally is far from over. Bitcoin is facing increased pressure from institutional buyers, who are rapidly depleting the supply by purchasing and taking BTCs off exchanges, for long term hold. It is estimated that less BTCs are being produced per day through block rewards, than being bought by companies and funds. This has the potential to develop into a full-blown supply side liquidity crisis, which can send the price parabolic well into the $50,000 ranges!

Oscillators And Moving Averages - TradingView
Oscillators And Moving Averages – TradingView

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Disclaimer: The authors of this website may have invested in crypto currencies themselves. They are not financial advisors and only express their opinions. Anyone considering investing in crypto currencies should be well informed about these high-risk assets.

Trading with financial products, especially with CFDs involves a high level of risk and is therefore not suitable for security-conscious investors. CFDs are complex instruments and carry a high risk of losing money quickly through leverage. Be aware that most private Investors lose money, if they decide to trade CFDs. Any type of trading and speculation in financial products that can produce an unusually high return is also associated with increased risk to lose money. Note that past gains are no guarantee of positive results in the future. 

#all time high#bitcoin price#bitcoin price prediction



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