BTC/USD Is in a Range Bound Move as Bitcoin Fluctuates above $38,000

BTC Trades Marginally as Bitcoin Fluctuates above $38,000 – January 31, 2022

BTC/USD has resumed a narrow range between $38,200 and $39,000 price levels as Bitcoin fluctuates above $38,000 . Today, Bitcoin has retraced to $38,376 support after rejection from the $39,000 resistance zone. Further retests are likely at the overhead resistance. Today, BTC’s price is trading at $38,629.00 as of press time.

Resistance Levels: $70,000, $75,000, $80,000
Support Levels: $50,000, $45,000, $40,000

Following the retest at the $38,000 and $39,000 resistance zones, BTC price has continued to trade in a narrow range. Since January 31, BTC’s price has been fluctuating above $38,200 support but below the resistance zones. The bulls have reclaimed the $38,000 support while it retests the r. Each time, the bulls retest the $39, 000 resistances; the BTC price will fall and find support above the $38,000 price level. The bulls are yet to penetrate the resistance at $39,000. Neither has buyers broken above the blue line moving averages. If the bulls have broken above the 21-day line moving averages, it will be a sign that the bears are losing grip at the resistance zones. Conversely, if the BTC price turns down from the overhead resistance, it may drop sharply to the lower price range at $33,600. BTC price will decline to the low of $30,000, if the $33,600 support, is breached.

MicroStrategy purchases 660 Bitcoin for $25M

On January 31, 2022, MicroStrategy bought “approximately $25 million” of 660 Bitcoin by buying the dips. According to the report, the purchase amounted to $37,865 per BTC, including fees and expenses. The firm has held about $3.78 billion worth of BTC at the average purchase price of $30,200 per BTC, inclusive of fees and expenses as of January 31, 2022.

Nonetheless, the BTC price has faced rejection from the $39,000 resistance zone as Bitcoin fluctuates above $38,000 . The largest cryptocurrency is fluctuating above the $38,000 support for a possible upward move. However, if the BTC price falls and breaks below $37,000, the selling pressure will resume to the downside.

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