BTC Spikes Down Sharply During Asian Hours, Further Downside Pressure Likely till $37,000 mark; Jan 21, 2022

Top 5 Headlines on Digital Currency:

  • The world’s biggest Bitcoin fund, Grayscale Bitcoin Trust (GBTC), closed at the record discount lows on January 18. The discount, or the percentage by which GBTC share price is lower than the price of Trust’s underlying Bitcoin, dropped down by 28.29% according to investment research provider YCharts – Investing.
  • United States cryptocurrency exchange Binance.US, which operates separately from the global Binance platform, has officially opened its trading services to residents of Connecticut – Investing.
  • New York City Mayor Eric Adams announced he would be taking his first paycheck in Bitcoin (BTC) and Ether (ETH), with the funds arriving Friday. The salary will not be directly paid out as crypto; instead, it will be first issued in fiat as U.S. dollars and then converted into the digital currencies on crypCoinbase – Investing.
  • According to a report by the Financial Times, Meta (formerly Facebook (NASDAQ:FB)) is working on a new feature that would allow users to display their NFT collections on Instagram – Investing.
  • Bitcoin Association, the Switzerland-based global industry organisation that works to advance business with the Bitcoin SV (BSV) blockchain, today announces that it has appointed Marcin Rzetecki as a Technical Outreach Specialist for Central Europe. Rzetecki will be based out of Poland, where he will work to further improve understanding and uptake of BSV across Central Europe – Investing.

Technical View:

  • The BTC spikes down on Friday and slips below $40,000 mark.
  • The pair made intraday high at $41,115 and low at $39,188 mark.
  • Today a day chart and H1 chart with triple EMA suggest bearish trend for the time being.
  • A sustained close above $41,900 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $37,300 on H1 chart requires for the downside rally.
$39,300 $41,190
$39,000 $42,550
$38,620 $42,900
$38,080 $43,100
$48,700 $54,750

Take a look and do trade wisely!
Good Luck