Bitcoin price on January 1st saw a minor decline of less than 1 percent against the US Dollar on a 24-hour adjusted timeframe.
The digital currency, which established a weekly high towards $4,239 ahead of Christmas, corrected to as low as $3,561 on Coinbase in later days. It attempted a minor bull run on December 28 but fell just short of $4,000 in absence of adequate bullish sentiment and trading volume – probably because of the New Year break. The first day of the year is now seeing Bitcoin consolidating inside an interim falling channel, awaiting breakout as it maintains the downside pressure.
The bitcoin price, according to the Coinbase chart above, is finding it difficult to excite traders into placing long positions around certain high highs. The area between $4,000 and $4,239 continues to reject bitcoin rallies from flourishing into anything substantial, and it seems that bitcoin could at last form a double bottom towards $3,129 should the market conditions don’t change.