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February 2, 2022

A Daily Outlook: BTC/USD; Feb 02, 2022

Top 5 Headlines on Digital Currency:

Russians own more than 16.5 trillion rubles ($214 billion) worth of cryptocurrencies, according to an estimate the Kremlin and government officials are using to craft a plan to regulate the industry – Investing.
Mexican Senator Indira Kempis Martínez has been an advocate of Bitcoin for over a year. Earlier this month, Kempis Martínez visited El Salvador and considered the possibility of Bitcoin bein installed as a legal tender in Mexico as well – Investing.
Ukraine’s Vice Prime Minister Mykhailo Fedorov expressed approval on Bitcoin mining – Investing.
According to an official form with the United States Securities and Exchange Commission (SEC) filed on Tuesday, MicroStrategy purchased 660 BTC between December 30, 2021, and January 31, 2022, for “approximately $25 million” in cash – Investing.
Indian FM – Central Bank would introduce a digital currency in the next fiscal year using blockchain and other supporting technology. Interestingly, this comes after the central bank voiced “serious concerns” around private cryptocurrencies on the grounds that these may cause financial instability – Investing.

Technical View:

The BTC rises gradually against U.S. dollar and remains well supported above $38,000 mark.
The pair made intraday high at $38,883 and low at $38,325 mark.
Today a day chart is down and H1 chart with triple EMA suggests up trend for the time being.
A sustained close above $39,200 on H1 chart requires for the upside rally.
Alternatively, a consistent close below $38,000 on H1 chart requires for the downside rally.

SUPPORTS	RESISTANCES
$38,100	$39,200
$37,850	$39,550
$37,420	$39,780
$37,000	$40,050
$36,550	$40,610

Take a look and do trade wisely!
Good Luck

TP Global FX Research Team

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