Bitcoin (BTC) Price Prediction – January 2, 2021
BTC/USD rebounded to break the $30,000 resistance as price rallied to $33,292 high. Bitcoin price made a minor retracement to $31,957 low. BTC price drops as the Relative Strength Index reaches level 85. The stochastic has remained at the overbought region for some time.
Resistance Levels: $33,000, $34,000, $35,000
Support Levels: $20,000, $21,000, $22,000
The current rally reached a high of $33210 and then there was a pullback to $30,600 support. In the other words, the market is fluctuating between $30,600 and $33,000. In this current range, if the bulls break the $33,000 resistance, the market will rally again to the $37,000 price level. On the downside, if the bears break the $30,600 support, Bitcoin will drop to $28,000. In the meanwhile, the price movement has been slowed. The price is now in the middle of the piece rage.
Bitcoin Hits All-Time High Against Gold as Haven Battles Rage
Bitcoin price was high on Friday, against gold, which gives another confirmation that demand for digital assets is on the rise. Gold also posted impressive gains for the year, when compared to Bitcoin’s meteoric rise. Bitcoin’s biggest proponents believe the digital currency is eating away at gold’s market cap as investors opt for the efficiency, portability, and proven scarcity of the asset. Surprisingly, that view is also shared by JPMorgan Chase analysts, who believe in Bitcoin’s digital gold narrative as a haven.
Nonetheless, Bitcoin has risen to a new high of $33210. The Fibonacci tool has indicated a further upward of the coin. On January 2 uptrend; a retraced candle body has tested the 50% Fibonacci retracement level. The retracement indicates that Bitcoin will rise and reach level 2.0 Fibonacci extension or the high $37,592.30 high.
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