Bitcoin May Have another Tough Correction Week?

 2021-01-25 08:11:51

Analysts at Bexplus noticed that BTC traded sideways in the short-term, and the price was still below the 30-day moving average during the shrinking volume. At this time, the chance of price changes increases but the possibility of rising is unlikely. The short-term gains of mainstream cryptocurrency ETH have expanded, and the market performance is significantly stronger than BTC. Whether it can continue to pull the market, we need to pay attention to the trend of BTC.


From the perspective of trading volume performance, the trading volume on January 25th dropped to its lowest level since January 1st, indicating that the long-short contention has reached a low level and there is a demand for increased BTC activity. At the same time, the daily level of BTC is lower than the 30-day moving average of $33,939, which means that if the short-term rebound cannot be broken, it means that the adjustment continues.


If BTC rebounds to near $33,787 in a short-term, it is the result of increased activity. At the same time, it should also be noted that since the SOPR indicator dropped from its high on December 28th, it has unilaterally dropped to near the lowest value of 1, indicating that the profitability of short-term transfers is not good, and most investors are trading with very limited profits. It can be seen that investor transfers at a loss may push prices to continue to fall, and there is a greater risk of actively chasing high in the near future.


(resource from: Glassnode)

The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.

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