Today, I’m going to go deeper into the market before the inauguration.
The good news is there are some positive indicators that support the hypothesis that bitcoin will continue to grow after January 20.
The K33 analyst noted that average daily trading volumes were $4.3 billion, up 51% from the previous week.
“Activity levels were exceptionally high amidst [Monday’s] massive flush and recovery, with spot market volumes reaching $6.5 billion, the highest daily spot volume since Dec. 20. The high volume and sharp recovery suggest many willing buyers amidst BTC’s push below $90,000, a promising observation for the road ahead,” “They said.”
This next piece of information I am going to give you without any explanation as I don’t think we could explain this outside of theorizing. The K33 website noted that the Jan. 13, was the day with the highest volatility since the beginning of December. This was when the difference between intraday and daily volatility reached the largest amount. “highest ever recorded in BTC.”
It is easy to assume that the reason for this could be planning ahead of tax season.
I’m intrigued by this nugget of information: “prices saw another peculiar pattern over the last week, with 14 consistent green hourly candles in a row for the first time in BTC history, making the past week unique through several lenses.”
It’s possible that this means the 20th of January isn’t an event designed to make news, as was previously thought.
In early December, K33 Analyst Vetle Lunde predicted that bitcoin would reach its peak in January, ahead of President-elect Donald Trump’s inauguration. This could lead to selling pressure when Trump takes his oath.
It’s no surprise that bitcoin is marching to its own drummer. A lot of the things I wrote and discussed over the past few months are no longer important. You don’t have to worry. I will not take this personally.
This current set-up, which is K33, can be seen. “rigged for unpredictability” This could mean a rough ride for us all over the coming days.
“The overall sensitivity to interest rates over the past month suggests increased importance of Wednesday’s CPI print. Additionally, notable Trump momentum may still form in the days leading into the inauguration. At current levels, we’ve rescinded our plan to sell the inauguration. However, given the plan’s price-dependent nature, a tactical de-risking could regain appeal if prices push meaningfully higher running into the inauguration,” The analysts write.
It’s not over yet. We should be on guard. But, hey, at least it doesn’t seem like we’re peaking yet…right?
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