Jump to content

Knock Knock… Bitcoin keeps hitting resistance


Recommended Posts

Knock Knock… Bitcoin keeps hitting resistance

investing-new.pngCryptocurrencyFeb 04, 2022
 
 
 
Knock Knock… Bitcoin keeps hitting resistance

By Samuel Indyk

Investing.com – The price of Bitcoin edged higher on Friday but continued to find resistance at its downward trendline.

After failing to break above the key resistance level on Wednesday, Bitcoin moved lower over the next two trading days as earnings from Facebook owner Meta Platforms (NASDAQ:FB) disappointed, leading to the largest one-day sell-off of the Nasdaq since September 2020.

The correlation between Bitcoin and US tech stocks held on Friday with Nasdaq Futures rebounding following Amazon's (NASDAQ:AMZN) earnings after market on Thursday. The e-commerce and cloud computing giant is trading higher by over 12% in pre-market trade as its Amazon Web Services business posted operating profit of over $5 billion. The company also announced it would be upping its Prime subscription fee in the US.

Technical Resistance

 

Despite the bounce in technology stocks, and in Bitcoin itself, the cryptocurrency still failed to leap above the downward trendline that has acted as resistance in recent weeks.

The trendline, which has been visible on the daily chart since Bitcoin hit an all-time high in November, has acted as resistance numerous times since. Bitcoin has touched the line and retreated on three separate occasions this week alone.

A break above the trendline resistance could see Bitcoin push higher and make a move towards the psychological $40,000 threshold.

If Bitcoin again fails to break above the resistance level then support is seen in the $35,000-$36,500 zone. A break below that level and the year-to-date low around $33,000 will be the next major support level before a potential test of $30,000.

Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • image.png

  • Posts

    • Recently, U.S. Senator Bill Hagerty from Tennessee spoke at the Bitcoin conference, stating his efforts to push for Bitcoin-supportive legislation to promote freedom and opportunity. This year, cryptocurrency has become a key battleground in the election campaigns. It remains to be seen whether future policies on cryptocurrency will improve.
    • The digital landscape is undergoing a profound transformation as attention, once a freely given commodity, is increasingly recognized as a valuable asset. Layer3 is at the forefront of this revolution, pioneering a new economy where attention can be owned, traded, and monetized   This innovative approach empowers individuals to monetize their engagement, providing unprecedented control over personal data. Simultaneously, advertisers benefit from transparent metrics that optimize campaign performance. Content creators are presented with diverse revenue avenues beyond traditional advertising, while the overall ecosystem experiences a more equitable distribution of value.   The implications of Layer3 extend across various sectors. Social media platforms, for instance, can leverage this technology to revolutionize user engagement and monetization strategies. Tokenomics play a crucial role in driving Layer3's economy, incentivizing participation and rewarding value creation. While challenges such as data privacy and market volatility exist, the potential benefits of Layer3 are immense   Anticipation is building as its native token $L3 is on Bitget Pre-market as users await its listing on the exchange. This milestone is expected to significantly increase the token's visibility and accessibility, potentially driving substantial growth and attracting new investors. As the countdown begins, the crypto community watches with keen interest, eager to see how Layer3 will perform in this new chapter.
    • I've been exploring the world of play-to-earn gaming recently, looking for something that's not just about endless grinding but actually offers a fun and rewarding experience. OGC really stood out to me because it combines gaming with a sense of community in a unique way. OGC isn't just a game; it's a platform where you can play, earn, and even help shape its future. You're not just a player; you're part of a community with a voice. The idea of earning crypto while playing games is exciting, but what makes OGC special is its focus on community involvement. Your feedback can directly influence the development of the game, which is a big deal. I've also heard that the OGC token is available for pre-market trading on Bitget. While I'm still getting to know the platform and its features, it's definitely something to keep an eye on. Has anyone else tried OGC? What has your experience been like? I'd love to hear your thoughts and any tips you might have.
×
×
  • Create New...
us