Thoughts on the crypto market on 01/16/2021

Bitcoin did not stay above 37K and yesterday in the American session returned to the previous trading range of 32000 - 36000. A few hours ago, the main cryptocurrency left this range, reached highs above 37500, now it is trading at about 36200.

Market capitalization is 1001 billion, dominance index is 67.6%.

Stock markets were falling yesterday. American indices lost 0.57% (Dow Jones) to 0.87% (Nasdaq). S&P 500 down 0.72% to close at 3768.25 Oil shed 2.8%, Brent is below 55, and gold is trading around 1827.

The reasons for the fall in the markets are negative economic statistics, which came out yesterday in the United States, as well as new sanctions against Chinese companies by the United States, which also fell under Xiaomi. By November 11, US citizens must get rid of the shares of companies that have come under sanctions. The dollar index renewed its annual high and closed at 90.78

The growth of the dollar index and the negative on the stock markets did not allow Bitcoin to stay above 37K, so yesterday it worked out the option with a return to the previous trading range of 36K - 32K. At the same time, Bitcoin did not fall below 34478, the strait was quickly redeemed, the price returned above 35K, and at night the main cryptocurrency returned above 36K and moved to growth. For further growth, it is necessary to gain a foothold above 37K. At night there was an attempt, but the price was pushed down from 37500.

For the weekend, the priority option is Bitcoin in the range of 36,000 - 37,800, and the growth of altcoins. In this case, the entire TOP will grow.

An alternative option is to return the main cryptocurrency below 36K. In this case, altcoins can grow selectively if Bitcoin does not go below 35K. The dominance index approached 67 - 66%, where the current market cycle may end.

Fed chief Powell called the Fed's priority to regulate stablecoins. And this is understandable - the Fed wants to leave the opportunity to generate money out of thin air exclusively for itself.

Interestingly, options on Bitcoin with a strike price of 400 thousand with expiration at the end of 2020 were issued on the Derebit exchange.

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Category: Analytics | Views: 70 | Added by: andryvrozhkov | Tags: #Bitcoin #Bitcoin Price #BTC | Rating: 5.0/1
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