Too many fractures? Is it time to give up all hope that the bull rally will resume? Bitcoin (BTC) ? The markets are bleeding, the enemies of bitcoin are taking the opportunity to rub salt in the wound. Will the bears really be the masters of the BTC markets throughout this year 2022?
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Bitcoin Below $40,000: In Support Near $30,000 Or Below?
Bitcoin drops to around $37,590 on Bitfinex today, Jan 21, 2022. It is trading at $38,423 at time of writing, with a daily loss of 7.03%.
Trader Rekt Capital issued a few tweets to clarify this $40,000 loss. The latter follows strong rejection at $43,100, a major weekly resistance level that the bulls failed to convert into support.
Technically, bitcoin is consolidating according to Rekt Capital, “within the range of $38,000-$43,100”. Rekt Capital further notes that “the $38,000 support zone is what separates #BTC from entering the area of consolidation of $28,000-$38,000 “. Bitcoin had consolidated in this price range in the first and second quarters of 2021.
$10,000, eternity, oversold and bounce: today’s bitcoin keywords
Bitcoin’s drop below $40,000 obviously delighted critics of the older cryptocurrency. Peter Schiff thus expects bitcoin drops to $30,000, then to another significant drop that will bring the price of bitcoin back less than $10,000.
Ardent bitcoin supporters have also spoken out in its defense, in an attempt to reassure markets. MicroStrategy CEO Michael Saylor, who takes a long-term view of bitcoin, said that “if you want to invest in #bitcoin, a short horizon is four years, a medium horizon is ten years and the good horizon is eternity. »
The drop below $40,000 has accentuated the oversold situation daily. The daily RSI (14) is currently at 25. Will the next bullish bounce allow Bitcoin cross weekly and monthly key thresholds at the end of January 2022?
This Bloomberg analyst follows believe in a $100,000 bitcoin in 2022. The markets are in blood, and the smell of the latter leaves the most optimistic indifferent, but scares those who are not yet used to the yo-yo in the price of bitcoin that sometimes precedes a strong rise.
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