BTC has been on the decline for the past two weeks after hitting a new record high of $42,700 on the CME’s most active futures on January 8^th. Today the selling pressure continued currently trading $1,815 lower at $34,780 nearly a 5% decline for the day.

With the volatile week coming to a close BTC has seen a weekly price range only dwarfed only by last week’s $15,000 trading range. The major difference of course is this week’s large-bodied candle is red signaling a decline for the week. It seems as though BTC is indeed at a tipping point and is entering a corrective period that will intensify should BTC not hold above $30,000.

Instead of going over the current wave count, I find it more relevant and noteworthy to cover a few Fibonacci harmonics in BTC which may very well mark the end of the current rally, and if a correction is to follow where that correction could take us to.

With 2020 finally over a lot of things are pointing to the possibility that BTC’s rally is also coming to a wrap. The majority of the technical studies that are predicting the end of this rally or at least this leg of it come from Fibonacci extensions and wave theory.

With so many investors of all scales buying into the world’s largest digital currency it was exactly what Bitcoin needed to reach today’s future price of $29,185, putting Bitcoin up 300% on the year.

Bitcoin saw an explosion of growth in terms of its price over the holiday weekend most notably the day after Christmas where spot markets saw a nearly $2,000 increase. This weekend rally caused a massive gap in the CME’s futures chart of nearly $3,000 to appear upon opening today.

With a higher number of the investment community eyeing Bitcoin through a bullish lens than ever before, do the technical back up their sentiment?

After breaching previous record highs by $4,000 Bitcoin seems to be losing momentum. A retracement of some sort is likely, the most important question is “will the $20,000 level serve as support?”

Although we had broken the all-time high in Bitcoin futures on both the last day of November and the first day of December both of these higher highs barely beat out the previous highs from 2017 and were only achieved on an intra-day basis. Today however there was a clear and decisive break-out taking Bitcoin to all new territory.

With many traders flocking to the world's larger than life cryptocurrency many investors of small scale have turned to the Greyscale Bitcoin Trust, to fulfill their demands. Greyscale otherwise known as GBTC its ticker symbol has become a popular tool for both small-scale and institutional level entry into the growing Bitcoin market.