Bitcoin has the largest volume in the cryptocurrency market, which is 71.09%. It completed 2020 with 29 061 USD, a new record and exceeded the value of many corporate banks by reaching a volume of 638 billion USD, creating " a Fear of Missing Out" for its investors.

The leading cryptocurrency exceeded 30 000 resistance and climbed to 33 512 in the first days of 2021. The reasons for the action of Bitcoin Whales, which express the number of accounts having more than $ 1 million, have become an important factor for market participants.

BTC had started 2020 with 7 158 USD and following the declaration of coronavirus (Covid-19) as a pandemic in March, the investors' risk appetite was sharply subdued and the subsequent sales panic had made BTC lose value and deepen to 3 788. During this period, in response to the coronavirus crisis, central banks in developed and developing countries increasingly injected abundant liquidity considering the monetary expansion, setting the stage for market participants to seek new yields. In addition, in line with the growing risk appetite, capital movements that began in emerging country markets also affected the leading cryptocurrency.

Bitcoin, which recovered all of its losses until the last months of 2020 with its bullish movements, gained momentum, especially in December, finding support from news aimed directly at the cryptocurrency market. First, the US-based online payment system PayPal announced that it would accept cryptocurrencies as a means of payment, and afterwards, the US-based portfolio management company VanEck Associates Corporation and SkyBridge Capital Investment applied for a Bitcoin mutual fund to the US Securities and Exchange Commission (SEC). In addition, Greenpro, which is listed on the Nasdaq and is described as a business development center, and an IT company MicroStrategy made similar moves. In addition, the U.S. Securities and Exchange Commission filed a lawsuit against Ripple Labs Inc. and two of the company's executives also set the stage for demand for Ripple to shift to Bitcoin. Against this background, as of the second half of December, Bitcoin continued its aggressive rise, climbing to 33 512.



Technically, BTC had reached the lower barrier of the descending trend, and then, thanks to the purchases in response, a stable recovery process began. Although the investors were rather reluctant at first, FOMO effect led the investors to make more aggressive purchases. As a result, BTC gained a momentum and Reached The Upper Barrier Of The Rounding Bottom chart pattern. Due to the profit realizations in this region, Bitcoin postponed breaking the upper boundary line and turned the Rounding Bottom pattern into a Cup and Handle pattern. As a result of the increasing selling pressure, a decline towards 25 500, which is Fibonacci 50.0 percent retracement level located below 29 000 and 27 300, can be observed. However, Bitcoin may gain more strength while performing this movement and a second attack may lead us to 32 000, 33 500 and 35 000 resistance levels and complete the pattern.