Last week, it seemed like Bitcoin was playing ping-pong with the $4000 mark – after slumping considerably below that figure around Christmas time, Bitcoin, in fits and starts, popped up above $4000, first in the last few days of December, then in the first few days of the new year, and now to a high of around $4170 as of today’s trading session.
Analysts have been looking at triangle patterns and other trends trying to predict where Bitcoin is going – now Bitcoin guru Yuval Gov at Cryptopotato is noting dual resistance levels for Bitcoin, one of which has already been broken today.
“Over the past day, we’ve seen a correction in Bitcoin’s value,” Gov wrote. “The was anticipated, as reported here yesterday, reaching the $3950 support level as the current daily low … From there Bitcoin slowly recovered, and as of now, it’s facing the $4050 resistance one more time.”
Guv also cites low trading volume as a possible concern.
“The part that is missing from a possible bullish continuation is the trading volume segment, which is relatively low,” he wrote. “It might be either no interest or that the holiday environment is still here.”
In other cryptocurrency news, Ethereum is down slightly from just over $152 to exactly $150 as of press time. It still roughly doubled its value since last month, so ETH is one to keep an eye on.
As one tangible piece of evidence that Ethereum may be ready to stabilize and rebound further, Ana Alexandre at Cointelegraph reported January 4 on joint projects by Consensys and AMD along with an Abu Dhabi based company called Halo Holdings to work on blockchain-based cloud systems.
We’ve already suggested that it’s useful to tie the Consensys company, which works on an ETH basis, to the greater Ethereum economic context – when ETH hit bottom, Consensys was laying off staff. Let’s see if they rehire or grow as they go toward these new projects – and keep checking out cryptocurrency levels on the markets to get an idea of the context for where these values are going in the new year.