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Bitcoin Price Has Begun Uptrend! BTC Price To hit This Target Level Next Week! 

Written by: Elena R

January 29, 2022

Bitcoin price that has managed a great return on investment of over 600% in H1 2021, has generated a lot of dampened market sentiments lately. Indeed, owing to the market downturn, it has lost over 47% of its gains over the past couple of months. 

And yet, insights of Intotheblock suggest that 60% of coin holders are currently in the profits. This essentially concludes that the most dominant asset is profitable for these traders at current price levels.

Mixed Bitcoin Price Behaviour, Yet The Uptrend Is Mandatory!

Amidst the price retreat, the flagship asset’s on-chain behavior is slightly favoring the bull run. The BTC’s net unrealized profit has prospered into a state of ‘optimism’ amid price recovery over the week, Glassnode reported. Hence, the cryptocurrency appears to be onboarded the uptrend boat with improvement in gains. 

Moreover, Glassnode has also reported that marginal macro sellers appear to have exhausted. And marginal macro selling is likely to flip to marginal buying, thereby pushing the price in an upward channel. In the interim, if we keenly look at Bitcoin’s future open interest, currently it is just more than $1.1 billion from July 2021 bottoms.

Veterans across the crypto-verse have been referring to the current open interest position as the potential bottom. Even flush out of OI from here wouldn’t have much impact on price action. In the worst case, the Bitcoin price may correct to $34.616k, but the slow and steady uptrend looks inevitable. 

After shedding record break loss in the past week, the present week turned out to be quite promising for the cryptocurrency. Currently, BTC’s market value to realized value is at 1.50, it might become a barrier for the asset’s price action in the coming week if it plummets to 1.25

Collectively, mixed price action is likely to continue in the next week as well, yet we can expect some positive spikes. Along with marginal buyings, if open interest, hash rate, and illiquid supply take a bullish divergence, then the flagship asset is likely to sustain the resistance of $41k. However, if retailers don’t return to the market, then Bitcoin is likely to end up trading around $38k in the next week.  

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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