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A Daily Outlook: BTC/USD; Jan 06, 2022

Top 5 Headlines on Digital Currency:

  • Bitcoin fell below $43,000 on Thursday, testing multi-month lows after minutes from the Federal Reserve’s last meeting showed it leaning toward more aggressive policy action, which sapped investor appetite for riskier assets – Investing.
  • Goldman Sachs co-head of global FX and EM strategy Zach Pandl hypothesized that if the largest cryptocurrency could overtake 50% of the store of value market share over the next five years, BTC’s price would increase to just over $100,000, marking a compound annualized return of 18% – Investing.
  • Kazakhstan, the second-largest country in the world when it comes to Bitcoin (BTC) mining hash rate, experienced unprecedented political unrest due to a sharp rise in fuel prices. As a result, the country’s presiding cabinet resigned, but not before the state-owned Kazakhtelecom shut down the nation’s internet, causing network activity to plunge to 2% of daily heights – Investing.
  • Institutional cryptocurrency funds attracted record inflows in 2021, as demand for digital assets such as Bitcoin (BTC) and Ether (ETH) continued to grow during a volatile and often unpredictable bull market – Investing.
  • Blockchain data provider Glassnode, in its latest research report, said across many on-chain measures, “there is a general lack of activity” in bitcoin despite a modestly bullish undertone in supply dynamics – Investing.

Technical View:

  • The BTC spiked down sharply and touched $42,413 mark.
  • The pair made intraday high at $43,782 and low at $42,591 mark.
  • Today a day chart and H1 chart with triple EMA suggest bearish trend for the time being.
  • A sustained close above $44,700 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $41,800 will check further supports.
SUPPORTS RESISTANCES
$41,800 $44,700
$41,370 $45,550
$41,022 $46,000
$39,760 $46,420
$39,300 $47,100

Take a look and do trade wisely!
Good Luck

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