⚡ Easily Trade – Apple, Microsoft, Tesla and Google Stocks – Open a FREE Account Here

      
Bitcoin Price Gains Support: Why $37,600 is Crucial for BTC

Bitcoin Price Gains Support: Why $37,600 is Crucial for BTC

Posted Friday, February 4, 2022 by
Skerdian Meta • 2 min read

The BTC/USD ended the day at $36,811.0, with a high of $37,133.0 and a low of $36,232.0. BTC/USD remained under pressure while still moving in a tight range as investors were confused about providing a significant direction for the cryptocurrency leader.

To fix the knowledge gap that El Salvadorans have about cryptocurrencies, Paxful has stepped forward to launch a new training and education center for the people of El Salvador. Last year, the country allowed the use of BTC as legal tender. However, the event was criticized and not considered successful because many Salvadorans did not know about the cryptocurrency market.

Paxful, a peer-to-peer Bitcoin platform, has said that it is launching a “La Casa Del Bitcoin” center, which will provide free training services about Bitcoin. Paxful will organize workshops and talks revolving around BTC and the financial sector in the country. This move will surely help increase the rate of Bitcoin adoption by the country’s citizens.

BTC/USD

Meanwhile, Kraken announced the results of a proof-of-reserves audit on Thursday, which showed that the crypto exchange held about $19 billion in BTC and ETH. Armanino conducted an independent audit on December 31st. The audit was a step towards increasing the credibility of the exchange amid mounting inspections from regulators and traders. Kraken has revealed its plans to go public and believes a transparent and secure approach should be adopted. In addition, the exchange plans to conduct an audit once a year or quarter so that customers can check their accounts against the audit results using a website tool.

On the other hand, the CEO of MicroStrategy, Michael Saylor, has said that tighter cryptocurrency regulations from the government would be a positive catalyst for Bitcoin. These comments came after the US SEC Chairman, Gary Gensler, said last month that the agency was planning to crack down on Wall Street, including creating rules for cryptocurrency markets. In August, Gensler also asked Congress to grant the SEC additional powers to regulate cryptos.

Saylor is a prominent advocate for Bitcoin, and his company has invested heavily in digital currency, which explains a lot of the market volatility. Saylor has said that he believes the inevitable widespread adoption will help stabilize the market. These comments from Saylor should have pushed BTC prices higher but BTC/USD failed to gain any momentum.

Furthermore, the US dollar was also low on the board as the market had already fully priced in the Fed rate hike decision. The declining price of the greenback also failed to spark any momentum in BTC/USD prices on Thursday.

Daily Technical Levels

Support Resistance
36097.6 38314.6
35270.3 39704.3
33880.6 40531.6
Pivot Point: 37487.3

Bitcoin (BTC/USD) Technical Outlook

BTC/USD is trading at the $37,168 level, facing immediate resistance at the $37,585 level. A surge in demand can trigger a bullish crossover and lead Bitcoin’s price towards the $38,900 level. A further upward breakout could push the BTC/USD coin up to the $40,800 level.

On the downside, the major support remains at the $36,400 level, and a break below this level can start a selling trend until the $34,400 level. The 50-day EMA that’s staying at $37,500 may act as a turning point for Bitcoin, so let’s keep an eye on the $37,500 level for selling trades and vice versa. Good luck!

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Related Articles
Comments
0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments