On January 11th, Bitcoin returned to $17500 overnight, temporarily but expectantly, because of its new strength.

Bitcoin cannot get strong support from skeptical traders

Bitcoin hit a new local record of $17504 against the dollar on Bitstamp, according to Cointelegraph Markets Pro and TradingView statistics.

In an environment where uncertainty during the holiday period has reached its lowest level so far, the foreign exchange currency has shown a rare upward trend, roughly similar to its peak on December 16.

Traders and industry insiders expect a fickle response to the macroeconomic data to be released in the US. The customer Price Index (CPI), due to be released on January 12th, is expected to apply the statement that inflation has weakened, providing a hidden window of opportunity for risky assets.

Even so, there have been many calls for prudence, and there is still a lack of fundamental stock prices as a sign of support.

The Fed's Jerome Jerome's view the day before chilled the sales market, and he avoided talking about future current policies or economic development itself.

Popular trader Johnny concluded on Twitter: "Real innovation or sale will happen when the CPI data is released on Thursday."

A subsequent post warned that Bitcoin was cautious about the personal behavior of the big bull market on Twitter because Bitcoin was at a higher pressure level within the $17600 time frame. Johnny previously urged followers not to "feel the idea of FOMO, especially this week."

"this week's CPI may bring prices back to where they were last week," he made up a lie.

Such conservative practices seem to reflect the common apathy among investors of the day, who have little faith that BTC can continue to rise.

Oil prices have been forecast to decline over the past few weeks, with some of the most famous traders concerned about prices of $12000, $10000 or even the lowest.

Philip Taylor Swift, founder of trading site Decentrader, asks: "are we moving towards' unthinkable'?"

When it comes to Crypto's Il Capo, there is still a bullish attitude, ignoring the recent recovery of Crypto, saying it "hasn't even confirmed an upside yet".

"you'll see. It's right there, right in front of you. The bullish trend is intact, "he commented next to the three-day BTC/ dollar chart."

"Bitcoin and most sales markets are testing the support line that falls through as friction resistance. Everyone has seen this again and again.

The turnover of reserved coins is "very worrying".

Altcoins's predictive analysis is equally suspicious, with Ether (ETH) performing better than BTC with a gradual rebound.

The ETH is up nearly 17% against the dollar from its mid-to-late December bottom of $1150 set on Jan. 10.

Taking full account of the dominance of trading volume, Matuen, the promoter of CryptoQuant, the analysis platform on the chain, worries about the worst.

During the 6-year login password interaction, I noticed something important. The price volatility of healthy and sustainable development originated from the rise of bitcoin, followed by ethernet / alternative coin, "he wrote in an online article.

In general, when traders get tired of bitcoin, they also gradually buy and sell alternative currencies, which are generally raised in terms of the risk curve. This also makes them very sensitive and easy to be extruded.

The chart shows that the trading volume of alternative currencies accounts for more than 50% of the turnover, which may be an ominous sign for both heads.

"Today, the influence of the advantages of alternative currencies once again stands at 50%. Obviously, it doesn't have to be as heavy as this case. But it is important to note that when the alternative currency is again dominant, there is a potential risk of further downside, "he added.