Week 4 (2023) BTC Bitcoin Analysis

by Jan 23, 2023Bitcoin Weekly Analysis, Weekly Analysis0 comments

Bitcoin’s recent rise and breaking of the $21,000 barrier level shocked everyone. However, in BTC Bitcoin analysis, when we look at the chart and Onchain data, we can see that the divergence in the price chart and the RSI indicator is clearly visible in the time frames.

BTC Bitcoin Analysis

On the other side, by monitoring the movements of the whales, we can see that large purchases were not made with large wallets, and the price growth was largely driven by small traders and individual investors. Given the market’s fundamental risks, such as Genesis’ bankruptcy, it is possible that DCG (Digital Currency) subsidiary companies are selling their assets in the market’s hype.

Therefore, our BTC Bitcoin analysis is still the return of the price to the areas of $19,200 – $18,500.

See also  Week 9 Altcoins Analysis

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