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

Published 01/11/2022, 03:30 PM
Updated 01/11/2022, 05:20 PM
© Reuters.
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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
Cryptocurrency drawdown percentage from 2021 highs. Source: Twitter (NYSE:TWTR)
Bitcoin entity-adjusted dormancy flow. Source: Twitter
BTC/USD 1-day chart. Source: Twitter

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