Bitcoin is Lacking Motivation to Grow

Today Bitcoin price is down 3.5% in 24 hours as the bulls grapple with February’s all-time high.

diagram BTC price 4 hours | Source: TradingView

Data from TradingView shows BTC is reversing from 5-month highs to below $ 54,000 in a short wick.

After rebounding to around $ 55,000, the price looked volatile on Wednesday with no clear direction in the short term.

For analysts, however, there are few surprises with these steps. $ 58,000 used to be a “heavy dollar” resistance that was difficult to break for a while, while the opportunity to “buy” the dip at $ 53,000 or below is also seen by many.

Analyst Rekt Capital summary:

“I’m not worried about this BTC pullback at all.”

Brothers Say more that such re-testing and consolidation could be a must for Bitcoin to consolidate new support, continue to move to all-time highs and beyond.

Popular trader Pentoshi has a similar view, implying that a higher low (likely a result of that decline) will be the final low before a higher high attack.

“All valid if $ 48,000 is lost,” he said conclude in comments on Twitter on Tuesday.

Lack of excitement is a “pleasant surprise”

Surprisingly, the current price is only 15% below ATH, but Bitcoin seems less interesting.

Google Trends data shows The disinterest reached its highest level in the fourth quarter compared to the beginning of the year.

Although the mood is showing signs of greed, it has still reached the highs traditionally marked by macroeconomic and local highs.

Charles Edwards, founder of asset management company Capriole, responded this week:

“Very surprised by the lack of excitement as Bitcoin neared the $ 60,000 price point. Just like in October 2020. “

Worldwide Google search data for “Bitcoin“ | Source: Google Trends

BlackRock President doesn’t believe in Bitcoin, but praises cryptocurrency

The president of the US multi-billion dollar investment management group BlackRock “probably” agrees that Bitcoin has no value.

In interview With CNBC, Larry Fink reached a preliminary agreement with JPMorgan CEO Jamie Dimon on October 13th on the real value of Bitcoin.

Famous for his allusions to Bitcoin over the years, Fink has always claimed that he’s not the biggest fan of the cryptocurrency, but he still advocates that more people invest in space.

“I’m not interested in Bitcoin and its evolution, so I can’t tell you if it will go up to $ 80,000 or to zero. But I do believe that cryptocurrencies play a big role and that will bring users around the world benefit.” World – be it Bitcoin or something else or more official government digital currencies like digital dollars. “

Fink spoke shortly after Dimon reiterated his skepticism about Bitcoin and noted his lack of confidence in its finite offer.

The backers responded immediately to the comments, showing that only ignorance can lead to questioning what is written in a code that has stood the test of immutable consensus over 12 years.

Fink continued:

“I have more conversations with people on the street about crypto than anyone. It’s amazing to see how people get excited about it, whether it lasts or not. With this in mind, I see great opportunities in cryptocurrencies / blockchain-related currencies and there I think there will be winners and losers. “

Bitcoin has rebounded nearly 600% since halving in 2020 and outperformed macro assets in 2021.

CLEARBTC / USD chart, yellow, S&P 500 | Source: Ecoinometry

Bitcoin searches occasion root cause criticism must be amazed

Bitcoin fell from its 5-month high on Wednesday, leading many analysts to believe this will be the final retracement before retesting ATH $ 64,500.

For the future, the forecasts are certainly still bullish, with levels not just in the six-digit range but above $ 300,000 in the coming months.

The data shows that 2021 is increasingly repeating the features of the 2017 bull cycle, with only the culmination of the recession completed.

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