Bitcoin (BTC) closely mimicked the September 2021 event and bounced back on January 9th at several significant levels.
“Shorters get rekt” $ 40,700
According to data from Cointelegraph Markets Pro and TradingView, BTC / USD has reversed at around $ 40,700 and then passed $ 42,000.
This behavior did not inspire some, but it did remind us of Bitcoin’s pricing behavior at the end of September. $ 40,700 acted as a springboard, hitting a record high of $ 69,000 seven weeks later.
History and context
40.7k $ BTC https://t.co/LqlkxxJ0BF pic.twitter.com/neJlH6mnmN— Pentoshi DM’S ARE SCAMS (@ Pentosh1) January 8, 2022
“It’s been a few months since September, and BTC is still in the same macro situation,” said trader and analyst Rekt Capital. comment..
“It’s still integrated within the macro re-accumulation range. In fact, $ BTC is about the same price range as BTC bottomed out in the September retrace.”
Meanwhile, a macro commentary on stricter economic policies from the Federal Reserve Board continued.
As last week, concerns focused on the ability of the crypto market to thrive in the atmosphere without the availability of “easy money” that has characterized the economy since March 2020.
“Cryptocurrencies are trying to find out if it was really a bubble: CenBank’s money and government stimulus bottoms and trillions of dollars helped push up the price of digital assets,” market expert Holger Zschaepitz said. Says Insisted In a recent Twitter post.
“Can mkt hold up without them? Bitcoin Of course, it’s $ 40kw per CenBank’s flat balance sheet. “
What is the difference in a year
Further similarities emerged in the form of BTC / USD, which exactly matches the position from the same day on Saturday a year ago. However, the important difference is in emotions.
Related: Is it different this time? Bitcoin’s eyes drop to $ 35,000 as the BTC price draws a “desk loss”
On January 8, 2021, the Crypto Fear & Greed Index was 93/100, flashing a warning that the local top arrived shortly and the market was in “extreme greed.”
In contrast, this Saturday’s score was only 10/100. This is one of the lowest readings of the index in history, within the realm of “extreme fear”.
“BTC Bulls are becoming more afraid. BTC Bears are greedy. Food for thought,” Lect Capital said. Added..
