On Wednesday, January 20th, the bitcoin price falls. At 09:50 GMT, the first cryptocurrency is trading at $ 35,291.5 (-2.17%), according to CoinMarketCap.
Bitstamp BTC / USD Chart by TradingView
Ether rose in price to $ 1,352.38 (+ 3.49%). XRP fell 5.64% to $ 0.3289.
The FxPro analyst team notes:
“Bitcoin bulls and bears are playing a tug-of-war near the $ 35,000 support level. Neither side has a clear advantage, which creates an opportunity for bitcoin to stay near occupied levels. Over the past day, bitcoin has been losing about 3% and is trading near $ 35,500. In addition to the supporters of the growth theory up to $ 50,000, there are other market participants who believe that what is happening at the moment may resemble the scenario of the end of 2017, when bitcoin first reached a historical maximum. then came a rather short season of altcoins, and then came “crypto winter”.
If this scenario really comes true, then we have already seen the historical maximum of bitcoin above $ 40,000, ether (ETH) yesterday reached its past all-time high, which may be the starting point of the altcoin season. The demand of miners for video cards is also similar to the hype in early 2018, when alternative cryptocurrencies showed explosive growth.
So, if the crypto market is truly cyclical, extra caution should be taken in the next few weeks if Bitcoin goes down sharply, altcoins will attract massive retail FOMO, which will push BTC up for a while. Ethereum futures will be launched in early February, now the coin is growing in anticipation of this event, however, as with Bitcoin in 2017, growth is not a guaranteed result of this event. “
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