Cointree Crypto Market Update - January 13th 2021

Market update for traders

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Oh no, is this the end for Bitcoin?

Welcome to this week’s market update and another week in the extremely eventful cryptocurrency market.

What unfolded before our eyes this week was incredible, Bitcoin set ANOTHER new all time high (ATH), breaking its previous record set just last week at $43,800 AUD. As we’ve seen before, the price can continue upwards quite aggressively once these highs are breached.

$54,000 AUD was the new-found ceiling for Bitcoin before the Sellers stepped in and the profit-taking commenced. The volatility of the market was on full display as Bitcoin’s price plummeted quickly from its new high to as low as $39,300 AUD. At the time of writing, the market has recovered slightly and despite the sharp drop, Bitcoin is up +8% for the week!

Recapping the last seven days in detail: we saw the previous week’s high of $43,800 successfully broken to the upside and a swift but steady increase to the $50,000’s. An ascending trend line was supporting Bitcoin’s price throughout this rally but as the Buyers became exhausted upon reaching the $54,000 region, the correction that was ‘well overdue’ ensued.

The breaking of the trend line contributed to this and price rapidly began to drop searching for some semblance of support. After an evidently strong reversal from the $39,300 level, Bitcoin swiftly rebounded back above $45,000.

Looking forward, $47,000 has proven to be a significant region in the past few days and remains as the next resistance to be conquered before revisiting the all time high again. For the Sellers - should their pressure prosper, the next important support areas are $43,000 and $39,000. A break below these levels could see much more downside for the Digital Gold.

An overall positively performing week for Bitcoin permeated the altcoin market. For the major altcoins: Ethereum (ETH) breached its 2017-2018 ATH price before retracing, sitting at +2%. XRP rebounded with a +30% performance after an initial drop following the filing of the SEC lawsuit against Ripple. Cardano (ADA) similarly stood its ground with a +32% gain but was overshadowed by Stellar Lumens (XLM) which nearly doubled at +92% on the week.

Market update for beginners

Oh no, is this the end for Bitcoin?

Welcome this week’s market update and another week in the extremely eventful cryptocurrency market.

What unfolded before our eyes this week was incredible, Bitcoin set ANOTHER new all time high (ATH), breaking its previous record set just last week at $43,800 AUD. As we’ve seen before, the price can continue upwards quite aggressively once these highs are breached.

$54,000 AUD was the new-found ceiling for Bitcoin before the Sellers stepped in and the profit-taking commenced. The volatility of the market was on full display as Bitcoin price plummeted quickly from its new highs to as low as $39,300 AUD. At the time of writing, the market has recovered slightly and despite the sharp drop, Bitcoin is up +8% for the week!

Recapping the last seven days in detail: we saw the previous week’s high of $43,800 successfully broken to the upside and a swift but steady increase to the $50,000’s. An upwards trend line was supporting Bitcoin’s price throughout this rally, but upon failing to break above the $54,000 region, the pullback that was ‘well overdue’ ensued. The drop below the trend line contributed to this and price rapidly began to drop searching for some semblance of stability which it seemed to find at the $39,300 level, with Bitcoin swiftly rebounded back above $45,000.

Looking forward, $47,000 has proven to be a significant region in the past few days and remains as the next price barrier to be conquered before revisiting the all time high again. For the Sellers - should their pressure prosper, the next important support areas to look out for are $43,000 and $39,000. A break below these levels could see much more downside for the Digital Gold.

An overall positively performing week for Bitcoin permeated the altcoin market. For the major altcoins: Ethereum (ETH) breached its 2017-2018 all time high price before correcting, sitting at +2%. XRP rebounded with a +30% performance after an initial drop following the filing of the SEC lawsuit against Ripple. Cardano (ADA) similarly stood its ground with a +32% gain but was overshadowed by Stellar Lumens (XLM) which nearly doubled at +92% on the week.