Bitcoin continues to fluctuate between $30,000 and $34,000

Mohammed Abdelkhalik
January 28, 2021

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Bitcoin Price Outlook: 29th January 2021

Bitcoin reached an all-time high of $41,999 nearly two and a half weeks ago, but since then, the price has fallen by around $ 10,000, and while the currency initially struggled to rise, these efforts failed, and these days it appears that the price has entered a period of relative stability. As it mostly oscillates between two border levels.

Bitcoin price appears to be stable

About a week ago, the bitcoin price appeared to be on the way up after falling from all-time highs near $ 42,000 to $ 31,000, as it managed to climb to $ 37,875 before it began experiencing a big drop on January 19, which lasted. Several days, which pushed the currency from the mentioned high to $ 28,810, after that, it saw a strong recovery, reaching $ 33,900 on January 22.

Since then, the BTCUSD price has oscillated between $ 31,000 to $ 34,000, and the next few days will likely bring another small rebound before the price starts falling towards the support level again.

BTCUSD chart - 29th January 2021

Cryptocurrency uncertainty is greater than ever

Bitcoin’s new record high is still a major topic in the crypto market although some time has passed since its arrival, however, in the following period, the price of the leading cryptocurrency has decreased somewhat, mostly due to rising uncertainty about the future of digital currencies. in the United States.

The biggest drop in the currency’s price occurred last week around January 20, after the United States finally got its new president, “Joe Biden”, while former President “Donald Trump” was never a fan of cryptocurrencies.

But it is likely that this is only the primary concern in the cryptocurrency industry, and the situation will stabilize in time. Many have stated that Yellen can be explained and that her being in a position of responsibility is much better than that of her predecessor, and they insist that she does not understand digital currencies yet.

However, it’s not quite a bad thing, as Microstrategy CEO said he believes 2021 will be a good year for bitcoin, and given the fact that Microstrategy is owning massive amounts of bitcoin on behalf of institutional clients, it’s very likely that the company has done the research. Condensed to recommend the best course of action.

Author Mohammed Abdelkhalik

Professional Trader and Analyst, economist in Financial and Forex market since 2004.holds an MBA from the American University in Egypt. Mohammed works as an economic writer and technical & fundamental analyst for many international Forex and financial trading companies in both English and Arabic on a daily basis.