BTC Price Slumps as Bitcoin Struggles below $38k High– January 25, 2022
Following the January 22 price slump, BTC/USD price fell to $33,855 low as Bitcoin struggles below $38k high. At the bottom of the chart, BTC’s price has been correcting upward as the market reaches the high of $37,190. The recent price slump resulted in the cryptocurrency reaching the oversold region of the market. Buyers will attempt to break above the $40,000 psychological price level.
Resistance Levels: $70,000, $75,000, $80,000
Support Levels: $50,000, $45,000, $40,000
After the recent upward correction, Bitcoin is facing rejection at the $38,000 resistance zone. Buyers are finding it difficult to keep the price above the $38,000 high. If the bulls break above the recent high, Bitcoin will rally above the $40,000 psychological price level. The bullish momentum will extend to the high of $44,000. In the meantime, Bitcoin is struggling below the $38,000 resistance zone. The bears intend to push BTC’s price to the next crucial support at $30,000. The largest cryptocurrency will be faced with deeper correction if Bitcoin falls to the $30,000 psychological price level.
El Salvador under Pressure to Remove Bitcoin’s Status as Legal Tender
The International Monetary Fund (IMF) is urging lawmakers in El Salvador to no longer recognize Bitcoin as legal tender. According to them, Bitcoin as a legal tender carried “large risks” related to financial stability, financial integrity, and consumer protection. In the same vein, IMF officials have warned about the consequences of implementing El Salvador’s Bitcoin Law in September 2021. El Salvador as a country adopting BTC as a national currency could face the risk of having domestic prices becoming highly unstable, and assets being used contrary to Anti-Money Laundering and Combating the Financing of Terrorism measures. The IMF has earlier warned that adopting crypto, claiming that to do so would “raise risks to macroeconomic and financial stability as well as financial integrity.”
Nevertheless, BTC’s price is fluctuating between $34,500 and $38,000 as Bitcoin struggles below $38k high. The bears have the advantage of pushing BTC prices to the downside as the crypto trades in the bearish trend zone. The current rejection is a sign of a further downward move. However, if the bulls reclaim the $40,000 psychological price level, it implies that the bears are losing their grip.
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