BTC Price Continues Bearish Run as It May Revisit $30k – January 21, 2022
On January 20, buyers failed to keep the BTC price above the $43,000 as it may revisit $30K . The crypto faced stiff resistance after the bulls broke above the $43,000 high. Bitcoin dropped sharply to the low above $38,800, after retesting the support, the downtrend continued to the low of $35,471. BTC/USD price is correcting upward as bulls bought the dips.
Resistance Levels: $70,000, $75,000, $80,000
Support Levels: $50,000, $45,000, $40,000
Bitcoin’s (BTC) price journey to the $30,000 psychological price level has begun. Before the recent price slump, Bitcoin has traded in a narrow range between $41,000 and $42,700. The bears were having the upper hand as they restrict upward movement below the $43,000 high. Each time BTC price rises, it will be repelled above the $42,000 price level. However, on January 20, there was a price rebound that broke the $43,000 resistance. This ignited the bears to sell the recent rally on January 20 which caused Bitcoin price to drop sharply to the low of $35,471. The bulls have bought the dips as Bitcoin pauses above $36,000 support. Bitcoin is now at level 24 of the Relative Strength Index for Period 14. It indicates that Bitcoin is in the oversold region of the market. Selling pressure is likely to subside.
Crypto Users to Reach One Billion by the End of 2022
According to Crypto.com, Global crypto users may rise to a billion by the end of 2022. There are reports that combos of developing nations are copying El Salvador’s orange-pilled example and a “friendlier stance” towards the crypto industry. According to the report, “Nations can no longer afford to ignore the growing push towards crypto by the public.” In the 2021 report, the global crypto population increased by 178%, rising from 106 million in January to 295 million in December. In addition, Tesla and Mastercard joined the party with crypto payments and adoption. This resulted in the growth of Bitcoin in the second part of the year as it outperformed Ethereum.
Nevertheless, the bears have broken the $39,600 crucial support of Bitcoin as it may revisit $30K . The current price slump has extended to the low of $36,231.90 as of press time. The bears will attempt to push BTC’s price to the low of $30,000. The market will decline and reach the low of $29,313 which is the previous low of July 20, 2021.
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