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Knock Knock… Bitcoin keeps hitting resistance

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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.

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