BTC Price in a Range as Bitcoin Revisits the $38k High– January 30, 2022
BTC/USD is in a range-bound move as Bitcoin revisits the $38k high.The bulls have made one attempt to break above the $39,000 resistance. Because of the failure of buyers to keep the price above the recent high, Bitcoin has been compelled to a range-bound move. Presently, Bitcoin is trading at $37,307 at the time of writing.
Resistance Levels: $70,000, $75,000, $80,000
Support Levels: $50,000, $45,000, $40,000
Following a price rebound on January 23, BTC’s price has continued to retest the $38,000 resistance zones. On January 26, BTC’s price rallied to $38,935 but it dropped sharply to the low of $36,291.70. Buyers were unrelenting as they pushed the BTC price to the low of $38.898 on January 29. The bottom line is that the bears have been providing stiff resistance between $38,000 and $39,000 resistance zones. Nonetheless, the bears will sell on each rally as BTC price falls and finds support above the $37,000 support. Bitcoin will have an accelerated upward move to the $44,000 high if the bulls clear the resistance zones. Nevertheless, the selling pressure will resume if the bears break below the $37,000 support and the bearish momentum is sustained. Bitcoin will fall and revisit the previous low at $33,600.
El Salvador President Nayib Bukele Predicts a Huge Price Increase for Bitcoin
Recently, the International Monetary Fund met the government of El Salvador and urged President Nayib Bukele to remove Bitcoin’s status as legal tender. The IMF indicated that the country should stop the usage of Bitcoin as a legal tender because of risks related to financial stability and consumer protection. After the proposed meeting, BTC’s price drops sharply by $10,000 of its value between January 20 and January 25. Thereafter, Salvadoran President Nayib Bukele made another bullish Bitcoin prediction. The president indicated that Bitcoin will have a “gigantic price increase” due to its limited supply of only 21 million digital coins.
Nonetheless, Bitcoin has continued to rise to retest the previous highs as Bitcoin revisits the $38k high. In previous price action, Bitcoin has been facing rejection which causes the crypto to finds support above $37,000. The bears can sink BTC’s price to the low of $30,000 if Bitcoin loses the $37,000 and $35,000 support levels.
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