Was $39,650 the bottom? Bitcoin bulls and bears debate the future of BTC price

Was $39,650 the bottom? Bitcoin bulls and bears debate the future of BTC price


Bitcoin (BTC) price made a quick pop above $43,100 in the U.S. trading session but uncertainty is still the dominant sentiment among traders on Jan. 11 and bulls and bears are split on whether this week’s drop to $39,650 was BTC’s bottom. 

Data from Cointelegraph Markets Pro and TradingView shows that the price of Bitcoin has traded tightly around the $42,000 level as the global financial markets digested U.S. Federal Reserve Chair Jerome Powell’s statements on the upcoming fiscal policy changes.

BTC/USDT 1-day chart. Source: TradingView

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Powell indicated that the central bank is prepared to “raise interest rates more over time” if inflation continues to persist at high levels, but analysts were quick to note further comments, suggesting that a low-interest environment could persist for some time.

It’s possible that traders may

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