BTC Price Faces Rejection at $42.7k as Bitcoin Risks $39.6k Low– January 20, 2022
Bitcoin’s (BTC) price is in a downward correction and it is below the moving averages as Bitcoin risks $39.6k Low. At the bottom of the chart, the bulls are attempting to keep the BTC price above $43,000 high but could not as a result of selling pressure. Whereas the bears are attempting to sink Bitcoin below the $41,000 support. In previous price action, BTC/USD has revisited the $40,000 psychological price but the bulls bought the dips. Long candlesticks tails are pointing to the psychological price level. These candlesticks indicate that those levels have strong buying pressure.
Resistance Levels: $70,000, $75,000, $80,000
Support Levels: $50,000, $45,000, $40,000
Today, Bitcoin is trading in a narrow range between $41,000 and $42,700. Buyers have difficulty in keeping BTC’s price above $42,000 but they have been able to defend the $41,000 support. For the past 48 hours, the bears and bulls have been in price tussle. The bears have the intention of pushing the BTC price to the crucial support at $39,600.
Therefore, the bulls have been buying the dips as price fluctuates between $41,000 and $42,700. The bottom line is that if price breaks below $41,000 support, the market will decline to $39,600 low. Two things may happen at the $39,600 support. If price rebounds, a rally to $47,000 is expected. The bullish momentum could extend to the upside. Secondly, if price breaks below the $39,600 support, Bitcoin will drop sharply to $30,000 low.
Heavyweight Champ Intends to Take 50% of His UFC 270 Prize Purse in Bitcoin
Francis Ngannou is the UFC heavyweight titleholder. He is a French-Cameroonian mixed martial arts fighter. He is set to take on the undefeated Ciryl Gane on Sunday which will guarantee him an income of $750,000. “After doing a lot of research on Bitcoin, I believe it is the future of money, man. Bitcoin is valuable, secure, and no one can mess with it,” said UFC heavyweight champion Francis Ngannou. His proposed fight will take place inside the 18,000+ capacity Honda Center in Anaheim, California. The fight is the first defense of Ngannou’s title reign. The winner will be the new face of the heavyweight class for years to come.
Nevertheless, BTC’s price is making a marginal upward move to retest the previous highs as Bitcoin risks $39.6k Low. The market has risen to $42,151 as of press time. For the past two days, Bitcoin has been trapped between $41,000 and $42,700 price levels. Bitcoin will resume trending if these levels are breached.
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