BTC/USD Is in a Sideways Move as Bitcoin Pauses above $38,000

BTC/USD Reclaims $38,000 Support as Bitcoin Pauses above $38,000– January 31, 2022

BTC/USD is now consolidating below the $39,000 overhead resistance as Bitcoin pauses above $38,000. The price action is now characterized by a small body of indecisive candlesticks called Doji. BTC price is likely to consolidate below the resistance for a few more days. BTC’s price is now trading at $38,627 as of press time.

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

Following the January 22 price slump, Bitcoin fell to the low of $33,855 as bulls bought the dips. The market corrected upward but it is facing rejection at the $38,000 and $39,000 resistance zones. BTC’s price has broken above the $38,000 but is yet to clear the $39,000 resistance. Today, Bitcoin is facing rejection at the recent high as it retraced to $38,376 support. Bitcoin is now fluctuating below the $39,000 overhead resistance level. They said that consolidation below a resistance level increases the chances of a breakout. On the upside, a breakout at the $39,000 overhead resistance will catapult Bitcoin to the high of $44,000.

Fidelity: Bitcoin Is a Superior Form of Money

Fidelity is a multinational brokerage giant. The financial provider has released a paper titled Bitcoin First. Fidelity indicated that Bitcoin should be treated separately from the rest of the digital asset market as no other altcoin possessed the properties of Bitcoin. The paper indicated that Bitcoin is different from hundreds of other digital assets trading in the market can overtake the top cryptocurrency “as a monetary good.”

The paper read: “Bitcoin possesses a lot of good qualities of money, combining the scarcity and durability of gold with the ease of use, storage, and transportability of fiat.” According to reports, the scarcity and decentralized nature of Bitcoin can add to its properties of being a perfect monetary tool. “We won’t be so bold as to predict there will only ever be one money, but we do believe that one monetary good will come to dominate the digital asset ecosystem due to the very powerful effects of networks.”

Nonetheless, BTC’s price is trading marginally below the overhead resistance as Bitcoin pauses above $38,000 . The price movement is insignificant because the market is dominated by small body indecisive candlesticks.

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