Elon Musk and Tesla HODL . The price of Bitcoin experienced a dizzying fall in 2022, then buyers regained control in 2023. Despite the drop in 2022, and the uncertainties in 2023, Tesla did not sell a single one of its 10,000 BTC . News that comes as the price of Bitcoin is struggling to stay above $40,000 , and the euphoria has subsided. Let's look at the key levels on the Bitcoin price in the January 26 bulletin!
BITCOIN PRICE STAGNATES IN 24 HOURS
Buyers and sellers have been fighting around $40,000 for several days now . The price of Bitcoin stagnates in 24 hours , but it falls by almost 3% in a week
In one month, BTC fell by almost 6% . On the other hand, in three months, the price is up 17% . At the same time, the BTC/ETH pair rose by 8% in one week , but it fell by more than 5% in one month . In six months, the pair has increased by more than 15% .
COINSHARES SEES MODERATE OUTFLOWS IN BITCOIN AND ALTCOINS
Last week, CoinShares' report showed significant capital inflows into its investment vehicles (ETPs). As a reminder, the report indicated inflows of $1.2 billion . Although it wasn't a record, it showed some excitement . This week, the situation is different:
While the price of BTC continues to be relatively fragile , investors seem more cautious . In fact, the latest CoinShares report mentions withdrawals equivalent to $25 million on Bitcoin . This sum does not represent significant selling pressure, but it shows that the recent decline in BTC has cooled investors . For its part, Ethereum is not doing any better. CoinShares reveals outflows equivalent to $14 million . The euphoria seems to be fading on cryptocurrencies, will we have to wait for the halving to find some color ?
BITCOIN PRICE STUCK AT $40,000
The BTC price is hovering around $40,000 , just below resistance at $40,500 . Will buyers be able to regain control? To do this, you will need to recover the $40,500 as support :
If this scenario plays out, a return to the level of the next resistance at $42,000 is possible. It will also be necessary to review a dynamic with ascending troughs and peaks. On the other hand, if the price is once again rejected at the level of the bearish institutional bias (EMA 9/EMA 18) , the price could reach the next support located at $38,400 . The RSI is bearish , sellers have control of the momentum .
The price of Bitcoin has been hovering around $40,000 for several days. Buyers must react quickly to avoid losing the psychological round number of $40,000. Despite the fact that the euphoria has subsided since BTC fell by more than 20%, the whales have decided to accumulate . Is the decline over? If BTC manages to stabilize above $40,000, altcoins could benefit .