Per our last report, the symmetrical triangle breakout required for Bitcoin to smash $37,000 was attained within the last 12 hours. After successfully breaking resistance of $35,500 and $36,500, Bitcoin rose swiftly across the $37,000 price mark and set a new record high of $39,500.
At the time of this report, Bitcoin is up by 14.18% with a price of $39,754, which is closer to the major resistance. Around the time when Bitcoin crossed $37,500, support was already forming around the $35,800 levels but a retracement below that price mark followed.
BTCUSD Chart By TradingView
Bitcoin has successfully broken the first two resistance and is now trading at a new high of $39,794. Not only is Bitcoin breaking its all-time-highs within a two-to-three-day period, but the $100,000 price prediction is also coming to fruition faster than analytically anticipated.
$40,000 is the next anticipated price mark, for very bullish reasons of course. Bitcoin is closer to $40,000 with each broken barrier. The 1-hour chart shows a very bullish trail has already been set and if pressure is held above $39,000 long enough, we could see a breakout to a never-before-seen price of $40,000.
Meanwhile, FOMO is currently very strong as altcoins also continue to make a correction. Analysts are still warning that traders watch the market closely for a possible dump. It is important to remember that fundamental factors will always have a strong effect on market activities like buying and selling pressure, although the former is the case at this time, if the whales begin to dump, retail investors may begin to sell out and a decline is certain to follow suit. Away from the charts, crypto-twitter is still jubilating with every new record broken.
#Bitcoin is breaking into the stratosphere
— The Moon(@TheMoonCarl) January 7, 2021
Trader and analyst RektCapital also made it a point to remind traders of how to handle the current FOMO. As quoted from his tweet; “The Fear of Missing Out is an irrational emotion FOMO will always make you want more, but if you already own BTC or a strong Altcoin. You are not missing out You are taking part.”
