Bitcoin Daily Price Loss Marks 10-Month Peak

The Bitcoin daily price loss indicator signaled red yesterday, showing that the price of BTC went down by 13% in a single day. We are talking about the Bitcoin price performance yesterday (Thursday, January 22, 2021) when the leading cryptocurrency plummeted and analysts went on to describe what caused the loss.

According to one trader named Josh Olszewicz, the leading cryptocurrency’s drop was “only just a dip” and a prolonged correction is not to be expected. However, the Bitcoin news today show that with a price at $31,100, Bitcoin’s near-term future is still something we can’t predict.

BTC daily:

When the low for the year has occurred in the first 37 days of that year, that year has seen sizable gains.

In 2020 it occurred 30 days later and the year still did quite well.

Problem: Hind sight – how do you know its the low? pic.twitter.com/1JrAI9so7O

— Nunya Bizniz (@Pladizow) January 21, 2021

Another one to point to the situation and talk about the Bitcoin daily price loss was the analyst at Bloomberg, Mike McGlone. He told media that he could see Bitcoin “probing for support and resistance within a mostly $30,000 to $40,000 range for awhile until embarking on the next leg of the stair-step rally.”

On the other hand, the CIO of Guggenheim Scott Minerd thinks that Bitcoin may have topped temporarily, and could reverse to $20,000. He did not talk more about the causes and potential for a drop like this.
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What we can notice now is that the selling pressure continues, and the United States based cryptocurrency exchange Coinbase signals profit-taking by many investors. In the Coinbase news, the updates show that the selling increased once Bitcoin tapped $42,000 earlier this month.

Meanwhile, most altcoins are following Bitcoin’s lead and replicating the Bitcoin daily price loss but not with that strength. There are some alts, however, that are surging and visited new highs – Polkadot (DOT) and Chainlink (LINK) are just two examples.

The drop yesterday allowed Bitcoin to erase most of its yearly gains – currently, the price of BTC is only up by 6% in 2021. Below, you can see an image presenting the bitcoin Daily Percentage Price Gains and Losses. (Source: TradingView.com)

What is important right now is that the panic doesn’t spread and investors keep their money in BTC and other cryptocurrencies. If we see increased selling pressure, there could be an even bigger Bitcoin daily price drop in the days to come.

On the surface, things look stable even despite the dip. Analysts suggest that there are plenty of altcoins to watch out for and take profits, even in a market pullback like this.