King cryptocurrency At the time of writing, the unit was at $95,800 and we cannot see any permanence above $97,000 for now. In addition to US employment data that negatively affects risk markets, Bitcoin $97,120.1has another problem called Silkroad. Investors are worried about the risk of billions of dollars in sales.
Bitcoin January Predictions
currently BTC Although it is moving away from the $90,000 bottom point, the $97,000 level has not been surpassed. USA today Producer Inflation The data was not as bad as expected, but there was an increase compared to the previous month. On the other hand, employment data in the past few days was quite strong.
The Fed basically has two duties. To increase employment and maintain price stability. The Fed, which reduced interest rates with a delay to combat inflation, saw the damage this would do on the employment front, so it started reducing interest rates with a big step of 50bp. At the point we have reached now, due to strong employment data and undecreasing inflation, no interest rate reduction is foreseen in the meetings to be held from January to September.
If we are talking about Bitcoin’s performance in January, we can say that the macroeconomic front will not be supportive unless we see an incredible decline in the inflation data coming tomorrow. So there’s only one thing left. This is because Trump quickly took supportive steps regarding cryptocurrencies when he took office on January 20.
If Trump with cryptocurrencies If it announces its steps to break the pressure with the first decrees, for example banks doing business with crypto companies or other things, these may support the rapid rise. The rapid assumption of office of the new SEC Chairman and the delay in Senate approval will also be supportive of the rise targeted for the end of this month.
Another important development is that Silkroad BTCs, which were licensed for sale until Trump took office, were not sold. If the Biden administration is going to do this, it has only 4 days left, including today. Investors will be more on edge with each passing day. That is, if no sales are made by the end of business on Friday evening. There is a slight possibility of a weekend sale, but if the sale does not start on Sunday and Friday evening, there may be a relief rally.
Bitcoin Price Prediction
BTC The support to be maintained is at $95,700 and in closings above it, new attempts may occur above $97,000. However, a return to the $92,180 range could bring a new and deeper bottom, this time at $87,500.
It has been 28 days since the ATH day and the price is not incredibly far from the top. If we are truly in a bull market, it is expected that this will not last much longer and we will return to six-figure levels soon. For the new ATH, $102,500 must return to support.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
