BTC Price In a Deeper Correction as Bitcoin Pauses above $34.6k – January 22, 2022
Bitcoin’s (BTC) price has continued its downtrend as Bitcoin pauses above $34.6k . The crypto has resumed a downtrend after two weeks of range-bound move between $40600 and $44,000 price levels. The bears succeeded as they broke the $41,000 and the $39,600 crucial support levels. There is likelihood, BTC/USD will fall and revisit the $30,000 psychological price level.
Resistance Levels: $70,000, $75,000, $80,000
Support Levels: $50,000, $45,000, $40,000
Today, BTC’s price has fallen and it is hovering above the $35,000 support level. This current price level is the historical price level of June 2021. In June, 2021, BTC/USD traded between $32,000 and $39,000 price levels. The cryptocurrency traded in the price range for a month before the bears break below $32,000 support. On July 20, 2021, the market declined to $29,313 low as bulls bought the dips. BTC’s price rebounded above the current support as it rallied to the high of $52,742. Bitcoin has continued its downward move to the $30,000 psychological price level. Today, BTC’s price is trading at $34,560 as of press time.
El Salvador Makes a Purchase of 410 BTC at Approximately $36,585 per BTC
El Salvador has added 410 BTC to its central reserve as BTC prices trade below $37,000. President Nayib Bukele indicated that the acquisition of 410 BTC was made against $15 million, placing the trading price at approximately $36,585 per BTC. In retrospect, on September 7, 2021, El Salvador adopted BTC as a legal tender. The main singular purpose is to overcome catastrophic inflation amid the weakening spending power of the nation. The country has purposefully accumulated 1,801 BTC over the past four months. The latest purchase is seen as the cheapest acquisition for El Salvador since the adoption of BTC as a legal tender.
Nevertheless, the downward move has continued as Bitcoin pauses above $34.6k . The bears are intending to push Bitcoin to the $30,000 psychological price level. If the bears are successful, BTC/USD will fall into a deeper correction.
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