10 Jan 2022 | ZebPay Trade-Desk
BTC hasn’t been able to get the support it usually sees at the top of the month, and correlations broke down a bit, which is why we have seen the asset continue to slide downwards since the start of the year. BTC has fallen by 11% over the past week, and its dominance currently stands at 40.1%, with a market capitalization of $794bn.
At the time of writing, Bitcoin is reflecting a “no-change” in price over the last 24-hour trading cycle.
BItcoin has been trading under the bear shadows for a long time with the continued lower lows and highs formation on the daily charts. The asset struggled after trading in a range for a long time above $45,000 support which eventually broke and now the asset stands to try and maintain above the next support level of $39,500.
There is no indication of a reversal in the market, though the asset might garner some support against $39,500 levels and there can be a relief rally till the $45,000 – $47,000 range. The asset, if broken below $39,500 might test $35,000 too.
$39,000 becomes an important level to watch as it forms 50% Fibonacci Retracement of the rally from $10,500 to ATHs.
Supports : $39,500 and $35,000
Resistance : $43,000, $45,000 and $48,000
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