BTC/USD Declines Sharply as Bitcoin Slumps to $42.5k Low– January 5, 2022
Bitcoin’s (BTC) price has continued to trade in a narrow range as Bitcoin slumps to $42.5k low. Since December 29, BTC/USD has remained confined between $45,600 and $4 8,000. For the past week, Bitcoin has been trading marginally within the confined range. The bottom line is that if Bitcoin continues to trade in a tight range, a time is coming when the cryptocurrency will encounter a price rebound or breakdown.
Resistance Levels: $70,000, $75,000, $80,000
Support Levels: $50,000, $45,000, $40,000
Bitcoin is trading in a confined range as BTC price fluctuates between $45,600 and $48,000. There has been a price tussle between the bulls and the bears. The bears have sold on each rally. On December 31, BTC price rallied to $48,650 but sellers repelled the bullish move as Bitcoin dropped sharply to the low of $45,695.
On a daily basis, BTC price has been retesting the $48,000 resistance zone to break above it. On January 4, BTC’s price rallied to $47,671 but dropped sharply again to the low of $45,568. On each dip, the bulls will buy the dips. This has been the price action since December 29. Today, buyers are pushing Bitcoin to the upper price range. On the upside, a strong rebound above the support will clear the $48,000 resistance zone and possibly a rally above $50,000.
Kazakhstan Turns off Internet amid Protests, May Affect Global Bitcoin Hash Rate
Kazakhstan is the second-largest BTC mining hash rate in the world. It is second only to the United States. The government of Kazakhstan has shut down the internet after the cabinet resigned amidst major anti-government protests. The recent internet outages could affect the global Bitcoin hash rate. According to a report, several Chinese Bitcoin mining companies and miners were relocating their services to Kazakhstan after the Chinese government announced a renewed ban on the crypto industry in September 2021. Meanwhile, the Kazakhstan government has resigned amid protests over a sharp rise in fuel prices. According to some analysts, the protests are also a response to the lack of democracy in the country. President Kassym-Jomart Tokayev has sacked Kazakhstan’s government on Wednesday and declared a state of emergency in Almaty and the surrounding province. “The incident is likely to severely limit coverage of escalating anti-government protests,”
Meanwhile, the bears have broken the $45,600 support as Bitcoin slumps to $42.5k low. On the downside, if the bearish momentum is sustained, Bitcoin will revisit the previous low at $41,634. That is the previous low of the December 4 price slump. On the other hand, if the bulls buy the dips, the market will reverse to the previous range-bound zone.
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