The price of Bitcoin has only fallen below USD 30,000 in the last almost four weeks. Between December and January 2018, it dropped from the USD 15,000 support zone several times in a few days.
The price of Bitcoin (BTC) has hovered around the USD 30,000 support zone in 24 days of the last almost 4 weeks. This situation makes it look stronger than when it was above USD 15,000 during the bullish run between December 2017 and January 2018. It has already been above USD 30,000 longer than it was above USD 15,000 at that time.
The main cryptocurrency on the market exceeded USD 30,000 for the first time in its history on January 2nd. Since then, it has only been below that level once. Bitcoin has hovered above that price in 24 of the last almost 4 weeks, according to data from CoinMarketCap.
Between December 2017 and January 2018, the price of Bitcoin was above USD 15,000 for 22 days. It came close to reaching USD 20,000 on just two occasions before falling into a long bearish cycle.
That behavior makes it is clear that there is currently a Bitcoin consolidation above the USD 30,000 mark. When comparing the behavior from 2017 with the current one, it is possible to observe that it exceeded USD 15,000 on several occasions at that time.
The pioneering cryptocurrency has only dropped below USD 30,000 momentarily once in the last almost one month. Every time its price has approached USD 30,000, it has bounced almost instantly. Bitcoin has even been able to recover quickly after suffering strong corrections.
Bitcoin is currently trading above USD 32,000 and is recovering from a momentary drop to USD 30,800.
Bitcoin Price Reaches a New Floor
Currently, analysts and traders agree that there is significant support for Bitcoin. Willy Woo, an analyst well-known for his metrics, recently stated that the price of Bitcoin has a solid floor at USD 29,000.
Woo considers that Bitcoin is currently “in the low range of the consolidation band.” In his opinion, that indicator favors a bullish scenario happening next.
On other occasions, the analyst has assessed that the price of Bitcoin could rise in the medium term and reach new all-time highs. He even believes that a USD 100,000 level could be a conservative prediction.
Bitcoin’s current all-time high is nearly USD 42,000, which it recorded on January 8th, according to data from CoinGecko. That source indicates that the cryptocurrency is 23% below that all-time high.
There has been a steady flow of institutional capital into Bitcoin in recent weeks. Right now, many consider that there are various catalysts for bullish market sentiment. These include BlackRock’s investments, the growth of Grayscale’s mutual funds, and the pro-Bitcoin policy that MicroStrategy has adopted. The latter company recently bought almost USD 31,000 worth of Bitcoin, which looks like possible support for the future.
By Alexander Salazar
