By Sabina Muradova
On Jan 18, 2021
Last year, Bitcoin (BTC) rose from $ 4,000 in March to $ 40,000 by December. While the bull run at the end of 2020 continued at full speed, January showed that the rise will continue in 2021, thus breaking many records. However, last week, the leading cryptocurrency took a break from its incredible rally unexpectedly. The popular cryptocurrency suddenly fell about $6000-$7000. Analysts have made it clear that this is due to the sudden interest in digital currency.
Bitcoin price faces several strong hurdles around $ 36,750 and $ 37,800 against the US Dollar. According to veteran analyst Aayush Jindal, the price of Bitcoin must remain above the $ 34,800 support zone at the moment. While traders and investors await the next highs, they are wondering if the Bitcoin price could start a new rally.
After a failed attempt to move above $ 38,000, the Bitcoin price started another decline. The cryptocurrency broke the $ 36,400 and $ 35,500 support levels to move into a short-term bearish zone. It then climbed above $ 35,000 but seems to be facing strong resistance near $ 36,750. The leading cryptocurrency has formed a high of around $ 36,888. According to CoinMarketCap data, Bitcoin is trading near $ 36,294 at the time of writing, up 4.34 % in the past 24 hours.
According to Aayush Jindal, for the moment, initial support is near the $ 35,400 level. If Bitcoin remains above the $ 35,400 and $ 35,000 support levels, it could signal a rebound. The first major resistance, for now, is near the $ 36,750 mark. The following resistance levels are forming near the $ 37,800 and $ 38,000 levels. To start a strong rise to $ 40,000 or higher in the near term, there must be a close above the $ 38,000 level, according to the analyst.
Decentralized finance DeFi gained pace over the past year, and this year has not shown any signs of slowing down. DEXs are on track to reach $ 56.9 billion in trade volume in January 2021, according to Messari Research. The previous record was $ 26.7 billion in September 2020.
Besides, the latest data from Grayscale shows that on January 15, the firm was under record management of $ 27.1 billion. It should be reminded that the company entered 2020 with only 2 billion dollars. Although the price of the leading cryptocurrency Bitcoin has slowed, for the time being, its fundamentals remain solid as on the first day. For this reason, the possibility of Bitcoin and DeFi tokens reaching important record levels in 2021 remains.
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Disclaimer: All information provided in the content is for informational purposes only and should not perceive as investment, financial, or trading advice. Any investment decision you make should be a personal choice based on financial knowledge, experience, and market research.
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