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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Price Analysis: BTC Cap Up $700 million From $3,700 Support

Dalmas Ngetich
Dalmas Ngetich
1 year ago
2 mins read
technical analysis bitcoin

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Created by industry experts and meticulously reviewed
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  • Bitcoin price ranging, up $700 million in the last 10 Hours
  • Federal Reserve Bank of St Louis research confirms there is BTC demand
  • Transactional volumes low. Drops from 18k to 15k in three days

Market participants are optimistic and for good reasons. Candlestick arrangement points at bulls, and as prices swing between Jan 14 high low, our immediate triggers will be at $3,800. All the same ideal targets are at $4,500 and $6,000 on the upside.

Bitcoin Price Analysis

Fundamentals

Aside from supervising and regulating financial institutions in the US, the Fed’s core responsibility is to bring about stability in the financial sector. It is because of this stability that economies can flourish, and as they enforce the rule of law, the Fed has their thoughts on cryptocurrencies and Bitcoin to be specific. While the most valuable coin is deemed completely decentralized by the SEC, Jerome Powell, the FED’s head maintain a hard stance on Bitcoin.

During the House Financial Services Committee, Powell said cryptocurrencies are “great tools” for money laundering.  Even though the Fed insists that the rapid rise of crypto assets was a bubble (that has since popped), the Federal Reserve Bank of St Louis long term view of Bitcoin prices is neutral.

According to a report, the value of BTC will never drop to zero because there is demand for what the network stands for—ownership and decentralization.

Candlestick Arrangements

Bitcoin

Bitcoin prices are steady and ranging in lower time frames. Prices are down one percent in the last day and 10 percent week to date but everything else constant, price action is pretty much unchanged in the previous 24 hours.

From the chart, it is evident that prices are ranging and confined within Jan 14 high low. Nevertheless, their failure to break and conclusively close below $3,700 main support level is bullish in the short term. Besides, the past three candles are oscillating within a bullish bar meaning from an effort versus result perspective; buyers stand a chance.

Anyhow, our last BTC/USD trade plan is valid, and as long as prices are trading within Dec 2018 high low, conservative traders are advised to stay on the sidelines. However, aggressive traders can wait for prices to edge above $3,800 or the 50 percent Fibonacci retracement level of Dec 2018 high low. Losses below $3,700 could see BTC prices drop to $3,200.

Technical Indicators

Volumes are low and average dropping from 18k to 15k in the last three days. Gains above Jan 14 lows should be at the back of high trading volumes preferably above 35k. Only that will trigger aggressive traders into action, buying on breakouts at $3,800 with targets at $4,500.

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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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