Bitcoin Makes Classic Gains At $40.7 Thousand As BTC Price Comes Out Full From Jan 2021

Prices could be the same, but sentiment is unlikely to be different, the data shows.

Bitcoin (BTC) bounced off several key levels on January 9, closely mimicking events from September 2021.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

“Buyer will get rekt” at $40,700

Data from Cointelegraph Markets Pro and TradingView shows BTC/USD reversing at around $40,700 to subsequently cross $42,000.

This behavior, while not exciting for some, reminded others of Bitcoin price behavior in late September, when $40,700 acted as a springboard, eventually making a high. all time $69,000 for the next seven weeks.

History and background
40.7k $BTC https://t.co/LqlkxxJ0BF pic.twitter.com/neJlH6mnmN

– Pentoshi DM IS A SCAM (@ Pentosh1) January 8, 2022

“Months have passed since September. However, BTC is in a similar situation, on the macro side,” said trader and analyst Rekt Funds. commented.

“Still consolidating inside its Macro Re-accumulation range. In fact, $BTC is almost at the same price point where BTC bottomed in September.”

Macro comments regarding tighter economic policy from the US Federal Reserve meanwhile continued.

As of last week, concerns centered on the ability of the crypto market to thrive in an atmosphere of unavailability of “easy money”, which has characterized the economy since March 2020. .

“Cryptocurrency enthusiasts are about to find out if it really is a bubble: Rates bottom & trillions of dollars in CenBank coins & government miracles boosted the price of digital assets , market expert Holger Zschaepitz Discuss in a recent Twitter post.

“Can Mkt keep them? Bitcoin of course $40kw/flat CenBank account balance sheet. “

BTC/USD balance sheet chart against central bank. Source: Holger Zschaepitz / Twitter

What’s the difference in a year?

Other similarities emerge in the form of BTC/USD matching exactly where it was compared to the same day a year ago on Saturday. One key difference, however, lies in the sentiment.

Related: Will it be different this time? Bitcoin Drops to $35K as BTC Price Draws ‘Death Question Mark’

On January 8, 2021, the Crypto Fear & Greed Index stood at 93/100, flashing a warning that a local top would soon appear and the market had entered “extreme greed.” “.

By contrast, this Saturday came in at just 10/100 – one of the Index’s lowest-ever readings deep in “extreme fear” territory.

Crypto Fear & Greed Index. Source: Substitute.me

“BTC Bulls are getting scared. BTC Bears are getting greedy. Food for thought”, Rekt Capital more.