Bitcoin price has surprised the market its new year entry

• Bitcoin price surprised many in the market with no major moves
• The short term bearish sentiment persisted
• 42 bulls and 42 bears are present in the market

Bitcoin price has seen volatile days over the year 2021, still its closed with a 60% gain. As amid the global COVID-19 pandemic the asset garnered mainstream attention, several eyes were witnessing where the asset goes this new year. Notably, BTC’s much anticipated event has left several surprises. However, the most prominent cryptocurrency digital currency made no major moves. The short term bearish sentiment persisted. Following the actions, analysts believe a blasting entry this year was met with disappointment.

Bitcoin price movement

Bitcoin price has been trading between the range of $46k and $52k over the past one month. The price of the flagship cryptocurrency is  down by more than 30% from its last achieved all-time high of $69k. Despite huge $6.1 billion year-end options expiry, analysts show an equal positive and negative narrative. According to data from IntoTheBlock, over the last seven days, 42 bulls and 42 bears are present in the market.

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Bitcoin price action into 2022 still seemed short-term bearish and long term in the neutral bullish zone. The actions were one of the most calming events in the beginning of this year for the coin designed by Satoshi Nakamoto, as the bullish narrative was waning. According to several market analysts, the price actions still seem very turbulent.

At the time of writing, Bitcoin’s weighted social sentiment sat at a new ATH low level. Similar trend has most of the time pushed the prices of the top coin in the past.

Should we expect another high?

Last year, experts in the cryptosphere observed that retailers were continuing to amass firmly. Besides, large players like whales and institutions bought the August-September plunges and sold the November-December highs. And now these bulk players seem to be swinging towards a buy zone.

Observing the Bitcoin price actions one-month timeframe, we have noted Bitcoin didn’t look so good. A Double Top bearish pattern along with a bearish RSI Divergence, was noted on the charts. Notably, a larger market sentiment still seems bullish.

According to analysts, as long as the leading cryptocurrency hodl its value above $35,000, we can expect another higher high with RSI printing a hidden bullish signal.

What should analysts  expect?

If we note the Bitcoin price actions, a neutral bullish trend seems prepared to come in through the pipeline, with both 30-Day and 7-Day Moving Averages. In contrast, while the 100-Week Moving Average seems synced up with the negative level.

The netflow of BTC exchanges has spent 2021 fluctuating around 5000 coins. While in the last week yet another flip from net exchange outflows to net exchange inflows has been observed. These flows surged over the last week of the last year. Moreover, huge net exchanges inflow has been observed.

Currently, the metric indicates negative amounts noting a short-term accumulation during the price volatility. It will be vital to eye the netflows in order to determine if the trend weakens or strengthens.