- Bitcoin slipped to lower ground in a slow-moving week.
- The fresh request for an ETF did not help.
- The technical picture is bearish for BTC/USD, but experts see a short-term recovery.
Bitcoin drifted lower, without dramas this time. Jan Van Eck, the man behind the VanEck and SolidX partnership, said that funds are flowing towards gold, this according to a survey of crypto investors.
VanEck also provided some good news. The venture including also the CBOE has resubmitted the rule change request to the Securities and Exchanges Commission. The SEC is working once again after the government shutdown ended, at least for now. However, it may take its time before deciding on the fate of much-needed Bitcoin ETF.
NVidia reported is earnings and warned about falling sales due to weaker demand from crypto-miners. The flow of bad news continues, but can Bitcoin find a bottom?
Long periods of low volatility usually end abruptly, but to which direction? The doom and gloom may have gone too far, and a bounce may be seen sooner rather than later.
Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel
BTC/USD Technical Analysis
-636846352000730377.png)
Bitcoin is suffering the blues also on the technical charts, after moving to a lower trading range below $3,500. Momentum is weak but points down, and the Relative Strength Index (RSI) does not point to oversold conditions.
$3,342 is the immediate support line after supporting the digital coin in the past week. $3,220 was a swing low in early December. The cycle low of $3,120 is a critical line, and the round number of $3,000 follows.
Above $3,500 we find $3,620 which capped BTC/USD in late January. It is closely followed by $3,670 which was a swing high and also coincides with the 50-day Simple Moving Average. The round number of $3,800 is next up.
The Forecast Poll of experts shows a bullish bias in the short term but bearish trends later on. Long-The long-term target has been significantly downgraded.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Crypto Today: Cardano, XLM, FLOKI lead $3.1 trillion rally, Russia bans crypto mining, Bitcoin eyes $95K
Cardano (ADA) price action ADA’s ongoing rally has been attributed to rumors that the Trump administration could collaborate with the Cardano network to build a blockchain voting system.
Trump administration allegedly seeks to create new crypto position in White House
President-elect Donald Trump and his team are reportedly seeking to introduce a new White House position for crypto policy, Bloomberg reported on Wednesday.
Solana Price Forecast: Traders move 6.7B SOL as bulls target all-time highs
Solana price has succumbed to a 7% dip after rejecting the $250 resistance on Monday. Negative shifts in vital trading indicators suggest bears could delay the all-time high breakout target.
FLOKI to go live on Coinbase few days after the exchange listed PEPE and WIF
Floki Inu (FLOKI) is down 5% on Wednesday following crypto exchange Coinbase's announcement that the token will begin trading on its platform over the next 24 hours.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.