{"id":33217,"date":"2021-01-29T20:02:54","date_gmt":"2021-01-29T19:02:54","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=33217"},"modified":"2021-01-29T20:02:54","modified_gmt":"2021-01-29T19:02:54","slug":"bitcoin-price-reverse-from-30k-whitepaper-now-hosted-by-a-us-government-site","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/bitcoin-price-reverse-from-30k-whitepaper-now-hosted-by-a-us-government-site\/","title":{"rendered":"Bitcoin Price Reverse from $30k, Whitepaper Now Hosted by a US Government Site"},"content":{"rendered":"

The Bitcoin price<\/strong><\/a> is swinging from below $30k to spot rates but inside a larger $10k range with immediate caps at $35k and $40k.<\/p>\n

CIO: Bitcoin is Losing Legs for $40k<\/strong><\/h2>\n

Technically, price action is skewed against determined buyers owing to their failure to cross above $35k and the increasing number of analysts saying the coin is peaking.<\/p>\n

For instance, the Chief Investment Officer (CIO) of Guggenheim, Scott Minerd, is reiterating his position, saying Bitcoin bulls can’t justify prices at spot rates.<\/p>\n

Earlier on, the executive had said Bitcoin prices were climactic and ripe for a swing back to $20k in a correction. While this could happen, following the scripts of Mar 2020, when BTC prices plunged from $10k to around $4k in days, Bitcoin’s fundamentals are solid.<\/p>\n

On-Chain Data is Firm<\/strong><\/h2>\n

For instance, on-chain statistics point to stronger participation. Judging from exchange outflows, there appears to be a movement towards HODLers. This is despite trading volumes contracting in the past two weeks.<\/p>\n

Jan 29’s average daily trading volumes across exchanges had picked up to around $72 billion, a net improvement over the ballpark of $60 billion.<\/p>\n

Bitcoin Whitepaper has a New Home in Miami<\/strong><\/h2>\n

Meanwhile, Bitcoin is finding support from politicians.<\/p>\n

Following Craig Wright’s claims that he owns the Bitcoin paper’s copyrights, Miami is now the first municipal government in the United States to host the Bitcoin’s whitepaper on a government site.<\/p>\n

Earlier, its mayor Francis Suarez said he plans to make Miami a modern city. It starts by being accommodative to Bitcoin and cryptocurrencies.<\/p>\n

The Bank of Singapore also believes Bitcoin and other cryptocurrencies could replace gold as a haven.<\/p>\n

Bitcoin Price Prediction<\/strong><\/h2>\n

\"\"<\/p>\n

Based on rock-solid fundamentals, the Bitcoin price is back above $32.5k, adding three percent on the last trading day.<\/p>\n

From the 4-HR chart, prices bounced off from the $30k level with a decent trading volume<\/a><\/strong> expansion. The spike in participation could suggest the influx of buyers. Therefore, as long as BTC\/USD trades above $30k, every dip may be a buying opportunity for bulls.<\/p>\n

In the immediate term, the $35k and the resistance trend line could be buying triggers for buyers aiming at $40k. This will entail a bullish breakout from a bull flag in a buy trend continuation pattern.<\/p>\n

On the flip side, the BTC\/USD price may crumble if sellers flow back, forcing prices below the $29k to $30k zone with comparatively high trading volumes. Despite traders’ confidence, that will confirm the double-bar bearish reversal pattern visible in the weekly chart.<\/p>\n

Consequently, this may push back BTC prices back to $25k\u2014the 50 percent Fibonacci retracement line of H2 2020 to Jan 2021 trade range; a case for a full retracement and retest of $20k.<\/p>\n

Chart Courtesy of Trading View<\/a><\/em><\/strong><\/p>\n

Disclosure: Opinions Expressed Are Not Investment Advice. Do Your Research.<\/em><\/strong><\/p>\n

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If you found this article interesting, here you can find more\u00a0Bitcoin news<\/a><\/em><\/strong><\/p>\n

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