Bitcoin (BTC) re-tested the $ 30,000 support on January 27, as a day of losses culminated in the psychologically significant price level.
The price of the BTC haunts the GameStop queue
Data from Cointelegraph Markets and Tradingview showed that any momentum left in Bitcoin disappeared on Wednesday after the rejection at highs near $ 33,000.
“Another $ 30,000 retest for #Bitcoin,” summed up Cointelegraph Markets analyst Michael van de Poppe.
Despite the target for another test of monthly lows, Bitcoin’s price action hardly surprises ordinary market participants. For fellow trader Scott Melker, it was a case of ‘wait and see’ until the longer time frames were completed.
“6 hours looks the same as 4 hours. 12 hours need another 10 hours, so it’s hardly worth it. But the potential is there. In short: no clear signal yet, but worth watching if they can build up , “he said wrote in part of a series of tweets on Wednesday.
However, resolving the current price action would be a “moment of truth” for BTC / USD said.
As Cointelegraph reported, was broadly focused on GameStop shares during the day, after the 700% bi-weekly gain attracted the attention of both the media and regulators.
The expectations also defied the expectation, but the film chain AMC, which achieved 240% within a day after bankruptcy was avoided.
If you do not like packs, buy them $ GME and $ AMC. If you do not like the bankers, buy it # Bitcoin
– Cameron Winklevoss (@cameron) 27 January 2021
Hodl aan, Redditors vow
Despite the fact that it was a more cost-effective purchase than almost any time since Christmas, he could not keep the spotlight.
“People have a maximum interest rate of $ 40,000 per #Bitcoin, but almost zero interest rate of $ 30,000 per #Bitcoin. Interesting,” Van de Poppe added.
Data from the Whalemap chain monitoring source highlighted an area of $ 29,300 as probable support in the event of a $ 30,000 split.
It is also noteworthy that the Dollar Currency Index (DXY) is showing its traditional inverse correlation with BTC as the markets opened on Wednesday. The DXY returned to its highest level in almost two weeks while BTC and equities retreated.
Skeptics of cryptocurrency, meanwhile, have used the GameStop debacle to disdain Bitcoin and those who have argued that decentralized investing is a beneficial phenomenon.
“Attention #Bitcoin HODLers: the only people who will pull away with the real profit from the #GameStop shortcut are smart enough to sell. Those who HODL are likely to lose everything. Bitcoin HODLers will face the same fate if they fail. to realize their paper profit, “said gold bug Peter Schiff tweeted.
A look at the subreddit used for equities, r / Wallstreetbets, has meanwhile shown that user strategies focus on selling their newly profitable shares, not selling them – at the expense of unprepared hedge funds.
“Retail reflexivity in action in traditional markets,” commented dealer Philip Swift, adding:
“Never underestimate the power of the masses.”
Quotations in this article from previously published sources have been lightly edited.