Bitcoin ignores the bankruptcy of Genesis and shows that the bulls are responsible
CriptoFácil – Bitcoin (BTC) price is showing a clear increase in buying pressure even as Genesis, one of the largest companies in the market, declares bankruptcy. According to Bybit analysis, this indicates that the bulls are in control of the macroeconomic scenario.
“The fact (it is on the rise) strengthens Bitcoin’s relationship with the traditional market, as bulls ignore the bankruptcy of Genesis (with a deficit of more than $1 billion) and praise the downgrade. Therefore, market sentiment is in line with the sentiment of investors in risky assets, and given this fact, we can expect The rally will continue until the interest rate announcement of what will happen on the 1st of February.
bitcoin
According to the analysis, BTC price should fluctuate between $20,000 and $25,000 by February, and a break of the $25,000 resistance could open the way for two more resistances at $27,000 and the psychological level at $30,000.
“To break $25k, BTC has a short stop at $24,800, where the 200-week moving average and the 161.8% Fibonacci level of the momentum of the December lows are concentrated. The 50-week moving average goes into the same area,” he said.
In the same vein as bybit, trader Akash Girimatht notes that if these aforementioned levels are overcome, BTC will have a higher chance of revisiting the $30,000 resistance area or hurdle, and moving from $36,260 to $42,450.
However, it highlights that failure to hold above this support structure (at $20k) will resume the long-term downtrend, which produced two separate peaks in November 2021 and March 2022.
He concluded that “the bullish outlook will be invalidated if bitcoin price produces a weekly candlestick below $15,492,” noting that such a scenario is unlikely for now.
by CryptoFacil