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Bitcoin risks surrendering up to $ 20,000



The crypto market is at a crossroads amid a transfer of power in the US, the announcement of new incentives and a rise in stocks. Bitcoin continues its cautious decline after failing to test $ 40K late last week. Over the past day, Bitcoin has lost about 4% and changes hands for $ 33K. There is no panic in the market, but it may start after Bitcoin drops below $ 32K. The depth of the sale will also depend on the rate at which the price falls. If Bitcoin shows a slow slide, market participants will still base the probability of the bulls coming back. If the price decline turns out to be sharp and breaks through $ 30K, we may well see a trend reversal and a sharp increase in bearish pressure. The Greed and Fear Index continues to decline following the loss of Bitcoin’s growth momentum. Over the past day, it has dropped by another 3 points to the value of “75”, having lost the “extreme” prefix and switched to the “greed” mode. The RSI index on the daily charts shows a steady decline away from overbought, and is already in the middle of its range. Bitcoin has received its growth momentum from big capital, but there is a possibility that smart money could use Bitcoin and several of the largest cryptocurrencies as a means to temporarily “park” funds, as well as a way to diversify portfolios. The fact that a transfer of power is taking place in the US, there is confidence in the launch of another portion of stimuli, stocks continue to grow, may indirectly indicate the likelihood of large investors selling their crypto assets. Many funds are not required to report on such transactions, while others will do so with a certain time lag. Still others can sell their assets on over-the-counter exchanges so as not to rock the market directly. However, coins can change hands and technical indicators are already pointing to a cooling of a previously overheated market. The main question is whether there are enough bulls on the market that consider Bitcoin price levels around $ 30K to be successful for opening positions “at a discount”, since this is the strength that is now needed to instill hope in cryptocurrency market participants that growth will return. duplicate the dynamics of Bitcoin, and unlike the beginning of 2018, when, following the hype around the reference cryptocurrency, capital moved towards altcoins, now it will be much more difficult to convince retail investors that alternative cryptocurrencies are able to operate in isolation from the dynamics of the first cryptocurrency for a long time. _______________ Alexander Kuptsikevich, Lead Analyst, FxPro

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