Ah, Bitcoin, that capricious darling of the digital age, has once again flirted with the $108K resistance level, only to be unceremoniously rejected. The crypto market, ever the drama queen, is now correcting itself as we stumble into a new week. Quelle surprise! 🎭
Technical Analysis
By Edris Derakhshi (TradingRage)
The Daily Chart
On the daily chart, it’s as clear as vodka in a Moscow winter: Bitcoin failed to close above the $108K resistance level, despite briefly trading above it and setting a new record high last Monday. Now, the price is breaking below the $100K level, and if this continues, we might see a drop to the $92K area in the coming weeks. The RSI, that fickle indicator, has also dropped below 50%, signaling a bearish momentum. In short, a correction is as inevitable as a bureaucrat’s bribe. 🐻
The 4-Hour Chart
The 4-hour chart tells a similar tale of woe. The $108K resistance level has decisively rejected Bitcoin, and the market hasn’t been able to reach it since. Today, the cryptocurrency has begun to drop lower, breaking below the $100K level. However, the RSI is showing an oversold signal, suggesting a bullish pullback might occur before any further decline. So, hold onto your hats, folks—this rollercoaster isn’t over yet! 🎢
On-Chain Analysis
By Edris Derakhshi (TradingRage)
Bitcoin Coinbase Premium Gap
As Bitcoin adoption in the US has grown, American investors have become the puppeteers of market dynamics. The Coinbase premium index, a metric calculated from the price difference between Coinbase’s BTC/USD pair and Binance’s BTC/USDT pair, offers insight into US investors’ sentiment. Since the beginning of 2025, this index has been showing negative values, indicating that American investors have been selling Bitcoin aggressively. This trend is likely contributing to BTC’s failure to rally higher. So, as long as this continues, expect more corrections. In other words, the American dream is turning into a Bitcoin nightmare. 🇺🇸💔
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2025-01-27 17:44