Bitcoin Steady at $37,350 – What Could Drive an Uptrend in BTC? - Forex News by FX Leaders

Bitcoin Steady at $37,350 – What Could Drive an Uptrend in BTC?

Posted Friday, January 28, 2022 by
Arslan Butt • 3 min read
  • Flushing Bank was formed in 1929, and according to its Q4 report, it held more than $8 billion worth of assets at the end of 2021
  • The bank plans to integrate the full-stack BTC platform developed by NYDIG into its online banking service and mobile banking app
  • The pair is currently trading over $37,000, and the 100-hourly simple moving average. It is approaching the $37,200 resistance level
BTC/USD closed at $37,217.0, after hitting a high of $37,248.0, and a low of $35,571.0. Bitcoin continued moving under consolidation and remained flat throughout Thursday’s trading session. Flushing Financial Corporation, the parent company behind New York-based Flushing Bank, has announced a partnership with crypto firm, New York Digital Investment Group, to offer Bitcoin services to its customers.

Bitcoin Live Rate

 

BTC/USD

The bank was formed in 1929, and according to its Q4 report, it held more than $8 billion worth of assets at the end of 2021 and a net income of around $200 million. The announcement suggested that the partnership with NYDIG will enable the bank to offer its customers BTC buying, selling, and holding services in a safe and secure environment. The bank said that the move to adopt BTC came as a result of the desire to keep up with the growing trends in financial markets.Furthermore, another American bank has partnered with NYDIG to offer Bitcoin services to account holders. Five Star Bank has also announced a partnership with NYDIG to onboard Bitcoin trading and virtual currency transaction facilities for the customers of Five Star Bank before the end of Q2 2022.

The bank plans to integrate the full-stack BTC platform developed by NYDIG into its online banking service and mobile banking app. This news should have improved the environment surrounding the BTC/USD; however, the cryptocurrency remained in a state of consolidation. Furthermore, multiple reports have confirmed that the White House wants to set out a cohesive set of policies to regulate Bitcoin and cryptocurrencies, as current legislation and enforcement are scattered across sectors and agencies.

According to Bloomberg, the Biden administration will release an executive order to federal task agencies in the coming weeks to assess the risks and opportunities that Bitcoin and cryptocurrencies pose. The regulatory framework will cover Bitcoin, cryptocurrencies, stablecoins and NFTs. This report added further weight to BTC/USD, and the coin remained lower for the day.

Meanwhile, another factor that is weighing on the BTC/USD is the rising prices of the US dollar, as they share a negative correlation. The US Dollar Index, which measures the value of the greenback against a basket of six major currencies, has risen to its highest level since July 2020, coming in at 97.29. The greenback was gaining strength from the hawkish tone adopted by the Federal Reserve on Thursday. Jerome Powell said that to curb the rising inflation, the bank is likely to increase rates in March and start bond tapering in the same month. These comments aligned with the market expectations and pushed the dollar to its 19-month highest level.

Bitcoin – A Technical Outlook; Fibonacci Retracement in Play

Bitcoin began a downward retreat from the $38,500 resistance level, falling below $36,500 and the 100 hourly simple moving average. On the other hand, the bulls were active near the $35,550 level. A low was formed near $35,550, and the buyxanax.org price rose again, moving decisively above the $36,200 and $36,500 resistance levels. Furthermore, there’s a break above a major downward trend line, with resistance near $36,500.

The pair is currently trading over $37,000, and the 100-hourly simple moving. It is approaching the $37,200 resistance level, and it is close to the latest 50% Fib retracement level from the high of $38,899 to the low of $35,550.

On the upside, there is an early resistance level near $37,250. The first major resistance is located near $37,650. The BTC/USD is near to the 61.8% Fib retracement level of the recent decline from the upswing of $38,899 to the low of $35,550.


Daily Technical Levels

Support             Resistance
3,6109.4             3,7786.4
3,5001.7             3,8255.7
3,4432.4            3,9463.4
Pivot Point:      3,6678.7The primary resistance is still around $38,000. A break above the $38,000 resistance level might signal the start of a steady upward trend. The following critical resistance level is near $38,500, above which the bulls may gain strength.If BTC/USD does not begin a new upward trend above $38,000, it may start a new downward trend. On the downside, there is immediate support near $36,500. The first significant support is located near the $35,550 level. If the price falls below $35,550 support, it may move towards the $34,000 level.

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