Bitcoin (BTC) hodlers got a serious test of their resolve on Jan. 11 as the largest cryptocurrency approached $30,000.
Cryptocurrency market overview on Jan 11, 2021. Source: Coin360 BTC price hits $30,250
The move extends a reset of the market that kicked in over the weekend after Bitcoin hit all-time highs of $42,000.
BTC/USD 1-day candle chart with 21-week moving average (Bitstamp). Source: TradingView
A slow comedown accelerated through Sunday, with Monday continuing the selling pressure with little respite for traders attempting to “buy the dip.”
While traders were hardly panicked by what remains standard behavior for Bitcoin, prognoses began to favor a break from the kind of parabolic action of recent days and weeks.
For Cointelegraph Markets analyst Michaël van de Poppe, a useful reference for defining a mid-term floor lies in Bitcoin’s 21-week