Last week, the bitcoin jump was adjusted on Friday, when the price fell below the level of 39,000 dollars. The volume of monthly price changes has already reached its lowest level in history and, as it turns out, the market trend will not increase in the next two months.
According to Quinn Desk, until the middle of last week, the conditions for “saturation of purchases” were observed in the bitcoin market and this prevented further price increases. Further market correction reversed the upward acceleration and price trend. For now, however, the downtrend seems to have stopped before the price reaches the channel’s support from $ 40,000 to $ 37,000.
Bitcoin is currently trading at about $ 38,900, and fluctuations over the past 24 hours have reduced the value of this digital currency by 6%.
The $ 46,700 resistance, which prevented many Bitcoin jumps on January 24 after falling to $ 32,930, remained intact. This may be a sign of a continuous steady trend and limited fluctuations (transverse fluctuations) in prices.
On the other hand, for the current month there is still an opportunity to increase market fluctuations. Bitcoin has fluctuated between $ 69,000 and $ 30,000 in the last year and has fluctuated sharply in this area.
The channel we talked about hosted a huge jump in the price of bitcoin between May (October) and October (October) 2021. At the moment, however, the volume of monthly changes in prices has reached its lowest level in history; A problem that will reduce the likelihood of the market rising in March and April (March and April).
Short-term market conditions are suitable for volatile traders; Provided, of course, that they manage their capital and consider a reasonable loss for their trading positions. However, if we want to look at the longer term, the 40-week moving average (MA), which recently took a neutral slope, can be an important level in determining the overall trend in the bitcoin market.
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Analysis of bitcoin prices after the publication: The possibility of price jumps in the coming months is less than before, appeared for the first time in digital currency.