• About Us
  • Privacy Policy
  • Contact Us
Subscribe
Lascena
Advertisement
  • Home
  • Bitcoin
  • Cryptocurrency
    • Altcoin
    • Litecoin
    • Ethereum
  • Blockchain
  • Regulation
  • Market
  • Prices 2021LIVE
  • Videos
No Result
View All Result
  • Home
  • Bitcoin
  • Cryptocurrency
    • Altcoin
    • Litecoin
    • Ethereum
  • Blockchain
  • Regulation
  • Market
  • Prices 2021LIVE
  • Videos
No Result
View All Result
Lascena
No Result
View All Result

Bitcoin Pullbacks after Hitting $40K; Will It Resume Its Rally?

January 8, 2021
in Bitcoin
Reading Time: 3min read
Bitcoin Pullbacks after Hitting $40K; Will It Resume Its Rally?




Bitcoin posted its first negative open after rising three days in a row and hitting an all-time high above $40,000.

The world’s leading cryptocurrency fell by as much as 7.45 percent during the Asian session Monday, hitting an intraday low of $36,565 before paring its losses ahead of the European trading hours. Its sentimental shift owed to speculative traders who wanted to secure short-term gains near $40,000.

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin spots higher buying sentiment in the $36,000-36,500 area. Source: BTCUSD on TradingView.com

Meanwhile, global investors also placed bets on reflation trades given the recent rise in government bond yields. The yield on the benchmark 10-year Treasury note surged above 1.09 percent for the first time since March. Inflation expectations typically favor Bitcoin’s bullish outlook, but the market appeared to have allocated their capital elsewhere as the cryptocurrency turned too risky to purchase near its overbought levels.

For instance, the US benchmark West Texas Intermediate crude oil prices soared above $51 a barrel on Wednesday after Saudi Arabia decided to cut their production over the next two months. The rise also pointed to the stabilizing economic outlook as investors assessed rising coronavirus infection counts against its vaccine distributions.

FOMO Mood

But does it signify a reduced demand for safe-havens like Bitcoin in the coming future? Apparently, no. Investors may have to start jumping back into the cryptocurrency market as US President Donald Trump agrees to transfer control to its successor Joe Biden. That coincides with a clear Democratic win on the two seats in the recent Georgia run-off elections.

Owing to it, the Democrats now control Congress. That paves the way for the Biden administration to pass the additional fiscal stimulus, beginning with a direct $2,000 check for Americans battling with the coronavirus pandemic’s economic aftermath. Many strategists, including those at JPMorgan & Chase, envision the Bitcoin price to close above $100,000 amid aggressive government spending.

“I am expecting Bitcoin and tech stocks to double again in the next 6-9 months,” said Immad Akhund, the CEO/co-founder of Mercury in San Francisco. “It is clear that we are in an asset bubble fueled by fiscal stimulus, low-interest rates, and ironically higher disposable income in the pandemic.”

“[It] probably won’t end well but enjoy the ride on the way up,” he warned, nonetheless.

Bitcoin Correction Ahead?

More warnings came from analysts based on technical indicators. One of them—a pseudonymous entity—spotted Bitcoin in a Rising Wedge channel, which typically signals a bullish-to-bearish rollover following a sharp pullback. Eventually, it pushes the price as low as the maximum height between its channel’s upper and lower boundary.

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin’s Rising Wedge indicator sees price back below $30 in the futures, suggests MMCrypto. Source: BTCUSD on TradingView.com

“We had a fake-out, M-pattern, and breakdown,” the analyst said. “I am getting cautious unless Bitcoin breaks the all-time high again.”

BTC/USD was trading at $38,494 at the time of publication.





Source link

Facebook0
Twitter0
Linkedin0
Print0
E-mail0
Yahoo Mail0
GMail0
SMS0
Messenger0
Tags: 40KBitcoinHittingPullbacksrallyResume
Next Post
3 Bold US Dollar Predictions That Are Extremely Bullish for Bitcoin

3 Bold US Dollar Predictions That Are Extremely Bullish for Bitcoin

I’m Trying to EARN MONEY with DeFi — Here’s How!

I'm Trying to EARN MONEY with DeFi -- Here's How!

Don't Miss

CRYPTO DEFI 100X SICK GAINS OR BUBBLE READY TO BURST IN 2020? [The Brutal Truth]
Cryptocurrency Videos

CRYPTO DEFI 100X SICK GAINS OR BUBBLE READY TO BURST IN 2020? [The Brutal Truth]

by Lascena Cryptocurrency News Education
February 26, 2021
0

Crypto defi continues to be a big trend, but is this key niche poised for big gains or is the...

Read more
Ripple CTO Reveals He Made a $15.5 Million Mistake (XRP NEWS)

Ripple CTO Reveals He Made a $15.5 Million Mistake (XRP NEWS)

February 26, 2021
HISTORY IS REPEATING: Bitcoin Holders MUST WATCH This Video Before November 3rd, 2020

HISTORY IS REPEATING: Bitcoin Holders MUST WATCH This Video Before November 3rd, 2020

February 26, 2021
RTX 2060 Super GPU BEST GPU for Mining? Is the RTX 2060 Super better than 1660 Super? + Hashrates

RTX 2060 Super GPU BEST GPU for Mining? Is the RTX 2060 Super better than 1660 Super? + Hashrates

February 26, 2021
Coinbase Considers Bitcoin Creator A Risk To Business, Here’s Why

Coinbase Considers Bitcoin Creator A Risk To Business, Here’s Why

February 26, 2021

Lascena Cryptocurrency News Education

We have all the latest updated and legitimate information related to Blockchain, Cryptocurrency, latest market rates & trends, prices, new regulations along with every other thing that somehow related to crypto or digital currency market. Our main idea is to provide the kind of news that is original and at the same time, it can prove to be beneficial for our audience.

© 2020 lascena.ca

  • About Us
  • Privacy Policy
  • Contact Us
No Result
View All Result
  • Home
  • Bitcoin
  • Cryptocurrency
    • Altcoin
    • Litecoin
    • Ethereum
  • Blockchain
  • Regulation
  • Market
  • Prices 2021
  • Videos

© 2020 lascena.ca

  • bitcoinBitcoin(BTC)$46,902.001.71%
  • ethereumEthereum(ETH)$1,476.551.41%
  • cardanoCardano(ADA)$1.2720.42%
  • tetherTether(USDT)$1.01-0.08%
  • Binance CoinBinance Coin(BNB)$227.202.10%
  • PolkadotPolkadot(DOT)$33.8410.91%
  • rippleXRP(XRP)$0.4373714.99%
  • litecoinLitecoin(LTC)$175.27-0.19%
  • chainlinkChainlink(LINK)$25.514.15%
  • stellarStellar(XLM)$0.41066310.24%