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Bitcoin Price Prediction: BTC/USD Takes a Breath as It Fluctuates Between $32,400 and $34,000

Bitcoin (BTC) Price Prediction – January 3, 2021
On January 2, BTC/USD rallied to its peak price of $34,873 and made a downward correction. The coin pulled back above $32,400 ad resumed consolidation above the recent support. In the meantime, Bitcoin is fluctuating between $32,400 and $34,000.

Resistance Levels: $33,000, $34,000, $35,000
Support Levels: $20,000, $21,000, $22,000

BTC/USD – Daily Chart

Bitcoin is currently fluctuating between $32,400 and $34,000 as buyers and sellers contemplate the next move. The coin will attempt to retest the $40,000 resistance if the $34,000 resistance is breached. Buyers will face major resistance at $37,000 but if it is overcome, the rally could reach $40,000. The current price level will now become another stiff resistance. Bitcoin may resume a downward move if price falls from the current price range between $32,400 ad $34,000.A drop to $30,800 support is likely. However, a further downward move below $30,800 will attract deeper correction. Bitcoin is trading at $33,500 at the time of writing.

Binance Launches Bilateral Bitcoin European Options
The crypto exchange giant Binance is launching the “European-style” Bitcoin options contracts on its trading platform. Binance is poised to expand its cryptocurrency trading catalog with the launch of a European-style Bitcoin options contract. This is similar to the launch of American –style BTC options contract. The difference between the American and European formats is that traders can only exercise the latter at the expiration of the contract.

According to reports the new options contract will be priced and settled in Tether (USDT). Binance CEO Changpeng Zhao remarked that Bitcoin recent high at $28,000 underscored the increasing level of investment in the crypto space, adding: “The crypto industry’s growth is in good part attributable to a combination of factors, including wider public education and institutional interest, innovation in Defi protocols and smart contracts, and development of a robust derivatives market.”

BTC/USD -3 Hour Chart

Nonetheless, Bitcoin has risen to a new high of $34,873. The king is making a gradual upward move. On January 2 uptrend; a retraced candle body has tested the 61.8% Fibonacci retracement level. The retracement indicates that Bitcoin will rise and reach level 1.618 Fibonacci extensions or the high $39,021.30 high.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.