Yesterday, Bitcoin managed to rise to $ 9553, according to CoinMarketcap. Since then, the price has gone through a slight adjustment, and the BTC is trading at around $ 9320.
Given that today is the deadline for the CME futures for January, prices are expected to record volatility. Currently, BTC futures have gained 33% and the maximum monthly price is $ 9745.
In any case, most analysts believe that Bitcoin will end the month with a very good performance. The cryptocurrency rose from about $ 7250 at the beginning of the year to $ 9550 during yesterday.
Bitcoin will initiate an upward trend
From a technical analysis perspective, the Bitcoin price is currently locked between the $ 9,500 resistance threshold and a prominent support at $ 9,300. Its future evolution depends on these two values, but analysts believe that in the next period the price will increase.
Apart from the technical analyzes that confirm an upward trend, several factors support a positive price evolution. For example, Google Trends reveals an increase in searches for the term “halving”, indicating the public’s interest. The hash rate of the Bitcoin network has remained above 100 ETH / s since January 11th.
Also, the number of unique BTC addresses has been steadily increasing. This translates to the distribution and use of Bitcoin not only as a safe depository but also as a medium of exchange, as originally designed.
As usual, the evolution of the Bitcoin market will also influence the ratings of altcoins. Most of the major cryptocurrencies have had a positive month and are showing growth potential. It is reasonable to assume that a price increase of Bitcoin will initiate a similar trend for most blockchain assets.
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