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A Daily Outlook: BTC/USD; Feb 01, 2022

Top 5 Headlines on Digital Currency:

  • Banking giant Fidelity eyes Bitcoin technology – Investing.
  • Bitcoin (BTC) stock-to-flow (S2F) in January 2022 hits below 62%, according to PlanB data – Investing.
  • The bill to make Bitcoin (BTC) legal tender in the state of Arizona was presented to the state legislature by Senator Wendy Rogers (NYSE:ROG), who has been promoting the adoption of cryptocurrency for some time – Investing.
  • In a new report published by CoinShares on Monday, the firm estimated that the Bitcoin (BTC) mining network emitted 42 megatons, or Mt, (1Mt = 1 million tons) of carbon dioxide, or CO2, in 2021 – Investing.
  • Canadian online brokerage Wealthsimple wants to chart a future enabling the real-world use of cryptocurrencies rather than simply facilitating trading, but is likely to face unexpected costs and uncertain regulatory terrain along the way – Investing.

Technical View:

  • The BTC spikes down sharply in European hours and hits fresh daily low at $38,214 mark.
  • The pair made intraday high at $39,115 and low at $38,214 mark.
  • Today a day chart is down and H1 chart with triple EMA suggests up trend for the time being.
  • A sustained close above $38,650 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $37,735 on H1 chart requires for the downside rally.
SUPPORTS RESISTANCES
$38,100 $38,650
$37,850 $39,100
$37,420 $39,550
$37,000 $39,780
$36,550 $40,050

Take a look and do trade wisely!
Good Luck

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