Positive reactions to a $ 1.9 trillion stimulus package caused the Bitcoin price to slide today.
The Bitcoin price fell today on January 15 just below the $ 35,000 mark after a seemingly erstarkter US dollar pressure on the largest cryptocurrency the world exercised. However, the price of BTC found a level of support at $ 34,300 that cushioned the sudden fall somewhat. At the time of writing, the Bitcoin price is trading at just under $ 36,000.
Bitcoin price slump brings the $ 30,000 back into play
Only yesterday it was possible for the Bitcoin Billionaire course to test the $ 40,000 again, which made a bullish scenario in the form of a continuation of the upward trend more likely. But today Bitcoin proved once again that you should never be too sure about your cause.
Today’s slump has brought a possible bearish scenario back into play and the Bitcoin price is again trading in a corridor that had formed at the beginning of the week. This currently has $ 30,000 as a lower limit and $ 40,000 as an upper limit.
But even if this slide creates uncertainty in the market again, it is also healthy at the same time. Michaël van de Poppe noted in a series of tweets that the Bitcoin price consolidation is very healthy for the market after we witnessed the massive impulse move to $ 41,500.
In short, this is not necessarily a bad sign for the BTC bulls on the market and in the long term, everyone agrees, things can only go up for the number 1 of the crypto currencies.
Halving analysis offers 7x prospects
The renewed downturn in Bitcoin price coincided with an upswing in the US dollar currency index (DXY), which stands on the shoulders of President-elect Joe Biden’s $ 1.9 trillion stimulus package. Despite the severity of this US dollar expansion, the markets appeared to be responding positively to the plans, driving the DXY up at the expense of Bitcoin, to which it is typically inversely correlated.