Bitcoin (BTC) has jumped off a key level for some January 9, reflecting the events of September 2021.
BTC / USD hourly candlestick chart (bit stamp). Source: TradingView
“Shorters will receive a rect” for $ 40,700.
Data from Cointelegraph Markets Pro and TradingView showed a reversal path for BTC / USD of around $ 40,700 followed by a breakout of $ 42,000.
This behavior, although not encouraging, was very similar to Bitcoin’s price behavior at the end of September, when the starting point was $ 40,700, and after seven weeks, it finally reached an all-time high of $ 69,000.
A trader and analyst at Rekt Capital commented: “It has been several months since September. But from a macroeconomic point of view, BTC is in the same position. ”
“It is still consolidating in the macro-over-accumulation. In fact, $ BTC is almost the same price level that BTC bottomed out during the September correction.”
Meanwhile, the macro-commentary on the tightening of economic policy by the US Federal Reserve continued.
As last week, the concerns focused on the ability of the cryptocurrency markets to thrive in an atmosphere where the “light money” that has characterized the economy since March 2020 is not available.
“Cryptohawks are finding out if this is really a bubble: ultra-low prices, trillions of dollars in CenBank money and government stimulus have helped raise the price of digital assets,” market expert Holger Scheibitz said in a recent Twitter post .
“Can mkt survive without them? Bitcoin to $ 40K / CenBank Balances Stable.”
BTC / USD balance chart against central bank. Source: Holger Zschepitz / Twitter
What is the difference, the year does
Another similarity emerged in the form of BTC / USD, which exactly matches its position the same day a year ago on Saturday. However, the main difference lies in the sensations.
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On January 8, 2021, the Crypto Fear & Greed Index reached 93/100, indicating that a local peak should soon be reached and that the market has entered an “extremely greedy” mode.
On the contrary, this Saturday they scored only 10/100 – one of the lowest index values ever found deep in the “extreme fear” zone.
An index of fear and greed in cryptography. Source: Alternative.me
Rekt Capital added: “BTC bulls are scared. BTC bears become greedy. Subject to reflection.”