Bitcoin Price Analysis — January 8

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Bitcoin (BTC) is set to close its first weekly candle for the new year on a very bullish note, as the benchmark cryptocurrency records a fresh all-time high on Friday.

BTC hit the $42k price tag for the first time in history before retreating lower over the ensuing hours. This rally came about shortly after the European equities market reported a positive trading session, reinforcing traders’ risk-on sentiment.

In other news, riskier assets got a dramatic boost following the landslide Democratic win in the recent Georgia Senate runoff. Investors will take this as a sign for further fiscal stimulus measures to aid Americans through the Covid-19 pandemic.

Meanwhile, investors were further elated over a lessened political uncertainty after President Donald Trump announced that he will transfer power “orderly” to president-elect Joe Biden. Biden will be inaugurated as the 46th US president on January 20.

Many analysts expect the Biden administration to give rise to bigger stimulus measures that could trigger inflation alongside economic growth in the US. Considering that Bitcoin is an anti-inflation asset, it is expected to rally even further as the US dollar is projected to lose its purchasing power over time.

Nonetheless, some speculators have warned that Bitcoin is now in overbought territory across several timeframe charts, meaning that there’s a potential neutralization coming soon.

Key BTC Levels to Watch — January 8

Bitcoin had another erratic trading session today after it fell from the $39k price point earlier in the day to the $36,700 support over a few hours. However, bulls were quick to step into action, sending BTC rallying once again to $42k.

Bitcoin has now journeyed into oversold territory on our MACD indicator, as we anticipate a sharp correction soon. A correction from this level will likely be immediately supported by the $36,000 area.

Meanwhile, our key resistance levels are at $42000, $42,300, and $42,800. While our key support levels are at $39,800, $37,820 and $36,000.

Total Market Capitalization: $1.07 Trillion

Bitcoin Market Capitalization: $742 billion

Bitcoin Dominance: 69.3%

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