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Developments that excite the cryptocurrency market continue to unfold. However, following the process that took place last night, the price of Bitcoin continues to lose momentum. With significant increases in volatility levels in the last 24 hours, all eyes are on the SEC regarding Bitcoin. So, what clues does the Bitcoin chart provide us for the upcoming period? Let’s examine together.
Bitcoin Chart Analysis
The first notable formation structure in the daily Bitcoin chart is the rising channel formation. The bar formation on January 9th being rejected from the resistance line could mark the beginning of an important period for Bitcoin in the medium term. Particularly, a negative outcome in the process regarding spot Bitcoin ETF applications could lead to selling pressure on Bitcoin.
The most important support levels to follow on the daily Bitcoin chart are, respectively; $45,887 / $44,352 and $42,535. Especially, a daily bar close below the critical $44,352 level, which played an important role in the last bar formations, could lead to selling pressure on the Bitcoin price.
The most important resistance levels to watch on the Bitcoin chart are, respectively; $47,902 / $49,557 and $50,857. Particularly, a four-hour bar close above the $47,902 level, where the formation structure intersects with the resistance line, will lead to a significant momentum gain for the Bitcoin price and could reach the highest levels of the last two years.
Bitcoin Dominance Chart Analysis
In the daily BTC.D chart, the decline at the end of December was reversed above the support trend line with the help of the EMA 200 level. The biggest development in this regard stems from the eager anticipation related to the spot Bitcoin ETF process in the markets. Many investors preferred to invest in Bitcoin over altcoin projects.
For BTC.D, the most important support levels to watch on the daily chart are, respectively; 2192.7 / 2110.0 and 2055.9. Particularly, a daily bar close below the 2192.7 level, which intersects with the trend line, will lead to a decrease in Bitcoin’s dominance in the crypto market.
For BTC.D, the most important resistance levels to follow on the daily chart are, respectively; 2259.4 / 2316.1 and 2376.6. Especially, a daily bar close above the critical 2376.6 level, which played a significant role in the recent upward momentum, will lead investors to shift from altcoin projects to Bitcoin.
