BTC/USD Slides Down in Sentiments, May Test Support
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BTC/USD Slides Down in Sentiments, May Test Support

January 25, 2021      Ankita Awasthi

BTC/USD began the week with a 3.57% uptick during the last 24hours. The week ending till 24th January saw a 9.8% drop in its prices. So this is positive to begin the week.

The lowest point intra-week fall was at $29,396 on 22nd January 2021. On 23rd January, it rallied to go at $33,781 and to end the week at $33,054, as per the prices listed on Binance.

Ever since the beginning of the year, the price has moved steadily upwards crossing $30,000, except 4th January, when it saw a slump towards $30,098. Last week’s push through the 23.6% FIB levels saw these prices being tested again at the support levels of $31,023.

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BTC/USD News Affecting Sentiments Today

With news coming in that the investment uptake in Grayscale Bitcoin Trust of $20 billion seems to have peaked based on four-week rolling averages, as per JPMorgan. This pullback of institutional money into the fund is likely to affect the short -term investment into the currency.

Source: https://www.tradingview.com/x/VdhcDaNx

Going Ahead 25th and 26th January 2021

This new uptick since Sunday has certainly bolstered hopes to touch the new resistance levels of $37,175. Be ready to keep an eye on buying levels for BTC to zoom in at levels of $34,000. With new sentiments rising in BTC seems to have taken a slight beating since morning as it has moved from $33,700 levels to $33,289 within 45 minutes.

This would now bring the pivot levels to $33,082 and 23.6% FIB, and the support levels of $28,227 could come into play. However, the second level of support is not expected to be tested at $24,134. This can be a short-term fall in today’s trade with fundamentals of the momentum staying as is. If the market plays out this small bit of news today and comes back to the levels of $33,700, then only one should look at the new resistance levels of $41,000. The remaining day’s trade news will determine the trading calls or tomorrow.

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Ankita Awasthi
Ankita Awasthi

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.