Ken Chigbo
Independent Analyst
- Bitcoin price on Tuesday nursing minor losses of 0.50%, as the price gradually extends lower after range-breakout.
- There isn’t much in the way of major support, ahead of the big psychological $3000 mark.
Bitcoin price on Tuesday was seen nursing minor losses in the latter part of the session, down some 0.50%. BTC/USD extends to the south, after a pro-longed period of trading within a tight range block formation.
As a recap, the price had been stuck within a mundane trading range, this was seen from 11th Jan – 27th January. On 28th January, the bears made a break to the downside from this formation, which appeared to trigger stops to the downside.
Looking at the daily confluence detector, in terms of key barriers of support; $3393.94, 23.6% Fibonacci. Further south, $3110.09, monthly pivot point support. These are the only levels which are significant to note, ahead of the big psychological $3000 mark.
BTC/USD daily confluence detector
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
ALT, WLD, ENA, ID set for $200 million token unlocks next week
The circulating supply of ALT, WLD and ID will see a hike next week, with over $200 million unlocks in sight. All tokens involved in upcoming unlocks are up in the past 24 hours. ALT will see the highest unlock share, with $115 million worth of new tokens entering circulation.
Why these altcoins may not rise despite Ethereum ETF impact
Altcoins market cap against Ethereum has been on a multi-year decline. Ethereum has outperformed several altcoins despite wider market assumptions that they provide leveraged exposure to its price. 2x long ETH could yield better results than purchasing altcoins ahead of the Ethereum ETF launch, said analyst.
Institutions anticipate potential Tuesday Ethereum ETF launch after making strategic moves
Grayscale lowered its Ethereum Mini Trust fees to 0.15% in a bid to reduce potential outflows from ETHE when ETH ETFs go live. Galaxy Digital increased its staked Ethereum assets to $3.3 billion after acquiring CryptoManufaktur, reveals CoinDesk.
Binance to begin investing customer fiat funds in US Treasuries
Binance received court approval on Friday, allowing it to invest certain customers' fiat funds in US Treasury bills. Following the announcement, the BNB token saw a 5% rise as crypto community members debated the potential impact of this approval on Ethena's USDe token.
Bitcoin: Will BTC continue its bullish momentum?
Bitcoin (BTC) price increased by 5.5% this week until Friday after breaking above a descending trendline. Currently, it is trading slightly higher by 0.23% at $64,166.