Market Overview

BTC/USD: Bitcoin Is Sitting On Support Line As A Rally By Bulls Is Around The Corner

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  • BTC/USD is currently sitting at the support line of around $3,500 with bears pulling the overall market down over the last 24 hours.
  • In order to change this trend, the bulls need to fight back and break past resistance at around $4,040.

Bitcoin lost about 3% of its value on Monday, January 14 on market speculation. Currently, BTC/USD is perched on top of the $3,500 support line. Buyers need to fight back to stop the market from going down any further. The short-term focus for the bulls will be to break past the resistance at $4,040. The technical indicators show that there is an upcoming bullish trend around the corner should the crossover of moving averages attracts sufficient support from buyers pushing the price higher.

BTC/USD daily chart

1btcusd_daily_chart-636830625831309254.png

Sellers pulled the market down to the support line of around $3,500 on Monday, January 14. There are two visible resistance lines that the bulls need to break through. The downward trending line (green) and the resistance at around $4,040 (pink). In the short-term, the buyers definitely need to break through that resistance for the market to go up.

Looking at the 50-day simple moving average (SMA) and 20-day SMA curves. The curves intersected each other on Monday, January 7 and that should indicate an upcoming bullish trend. Also, the Relative Strength Index (RSI) is slowly creeping towards the oversold territory to once again indicate a future uptrend.

Posted-In: Bitcoin BTC/USDCryptocurrency Earnings Fintech News Forex Markets

 

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