Bitcoin is moving up until the last price adjustment, which has been delayed since the beginning of the year. People were expecting prices to drop further and break down to $ 30K, but a strong momentum from altcoins helped to push the cryptocurrency market and clear price adjustments. Where are we now and what do we expect next for Bitcoin Prices?

 

 

Bitcoin price is currently in the support price area

Currently, the Bitcoin price is $ 31,600, and the YTD performance is 9%.

Today we can clearly see the price action in Figure 1, which shows how the price of $ 31,500 represents a strong area of ​​support. When the previous crash on the Double Spend incident occurred, there was a fake exit that broke prices below this area for a short time, but recovered soon after.

 

 

What’s next for BTC?

Bitcoin (BTC) option prices can be looked at as an important indicator that helps predict bitcoin price. In January 2021, about 120,300 contracts worth $ 3.7 billion are expected to expire on major exchanges this Friday. In December 2020, contracts that expired were 46% less and were sending prices from the top. Therefore, Friday can be a very volatile day for cryptocurrencies. And technical traders can find potential buying opportunities near this strong support area and push prices up.

See Also
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