Analysts said that “the party has just begun” and Bitcoin’s price rose by $42,000 in December

Bitcoin (Bitcoin) On January 6th brought new volatility, because the range of volatility behavior has been adjusted for the first time in several weeks.

Open interest is still high

Data from Cointelegraph Markets Pro and Transaction view It shows that BTC/USD fell overnight, hitting US$42,000 for the first time since December.

Although it is not the upward breakthrough that many people want, this move is still expected, and Bitcoin basically “fills” the space after it. Evil up to $41,800 At the beginning of last month.

These lows are the result of the cascade of liquidations. Although this long position is also painful, people still doubt whether the return to $42,000 is sufficient to establish a price bottom line.

Analyst William Clement wrote in a series of tweets about the action: “If this is a positive long build, we have not seen more straight flushes today, which surprised us. We can still decide to go up. “

“All I know is that this party has just begun.”

By the way, this is not a doom post. To be honest, if this is an aggressive long establishment, we have not seen more straight flushes today, which surprises us.

The upside can still be solved. All I know is that this party has just begun. pic.twitter.com/RAgXKzHTnl

— Will Clemente (@WClementeIII) January 6, 2022

Clement is one of them Already calling The situation was more turbulent this month, and pointed out that most of the Bitcoin futures open interest (OI) contracts still exist. As Cointelegraph Report, This week OI set a record high in BTC calculation.

As always, those who shrink have found comfort and familiarity in Bitcoin price behavior and historical behavior.

The Fibonacci levels analyzed by analyst TechDev indicate that Bitcoin is at least still trying to replicate the pattern established by the previous halving cycle.

Based on all the content that I have shared over the past few months, I still believe that there is a higher possibility until my point of failure is reached #Bitcoin Find support near the linear 2.618 and move higher, just like the previous two times.

— TechDev (@TechDev_52) January 5, 2022

“Compared with past cycles, price/indicator behavior and volume behavior show me that 2021 is actually a year of consolidation (similar to the third quarter of 2019 to 2020), which may be before the next major adjustment Triggered another market impulse,” he added in a set of his own posts as the market began to decline.

The market is the scariest since July 2021

However, for ordinary retail investors, there seems to be almost no hope-at least for this day.

related: New Year, the same “extreme fear”-5 things worth paying attention to in Bitcoin this week

This Crypto Fear and Greed Index Halved when it fell to 15/100-in the “extreme fear” zone of the index and its lowest level since July last year.

At that time, the highest transaction price of BTC/USD was 33,000 USD.

As Cointelegraph reported, with the beginning of 2022, the emotional tension has become apparent.