Bitcoin price has experienced a correction and is now at the 50-day moving average. This comes after the Santa Claus rally did not materialize and trading volume has been lower due to the Christmas season. The Federal Reserve's monetary policy meeting and doubts about a Strategic Bitcoin Reserve have also affected Bitcoin's momentum. ETF inflows have been sluggish in recent days. Bitcoin investors are now hoping for a January effect, where financial assets rally in the first month of the year. However, historical data shows that Bitcoin's gains in January have been modest. The daily chart shows that Bitcoin is at a crucial support level, but there is also a bearish signal indicating potential downside. The alternative scenario is for Bitcoin to rebound and retest the upper side of the wedge.



Other News from Today