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January 24, 2022

A Daily Outlook: BTC/USD; Jan 24, 2022

Top 5 Headlines on Digital Currency:

The Central American country of El Salvador has added 410 Bitcoin (BTC) to its central reserve as BTC prices trade below $37,000, a price last seen on July 26, 2021 – Investing.
Mercadolibre, one of the biggest Latam-based unicorns, has announced strategic investments in two cryptocurrency exchanges: Paxos and Mercado Bitcoin – Investing.
The Bitcoin (BTC) network has recorded a new all-time high mining difficulty of 26.643 trillion with an average hash rate of 190.71 exahash per second (EH/s) — signaling strong community support despite an ongoing bear market – Investing.
SEC rejects MicroStrategy’s Bitcoin accounting practices – Investing.
Turkish and Salvadoran presidents meet, Bitcoiners left disappointed. As part of the state visit, Bukele and Erdoğan kicked off with an official ceremony. Shortly afterward, they inaugurated the new Salvadoran embassy before agreeing on six deals covering the economy, trade, defense, diplomacy and education – Investing.

Technical View:

The BTC weakens drastically and remains well supported below $40,000 mark.
The pair made intraday high at $36,276 and low at $34,974 mark.
Today a day chart and H1 chart with triple EMA suggest bearish trend for the time being.
A sustained close above $36,700 on H1 chart requires for the upside rally.
Alternatively, a consistent close below $34,300 on H1 chart requires for the downside rally.

SUPPORTS	RESISTANCES
$34,300	$36,700
$33,680	$37,100
$33,100	$37,450
$32,500	$37,900
$32,100	$38,400

Take a look and do trade wisely!
Good Luck

TP Global FX Research Team

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