BTC/USD Forex Signal: Bitcoin Very Bearish Below $39,800

1/19/2022 3:30:00 PM

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The BTC/USD remained under pressure as a decline in key global assets continued.

declined sharply in the overnight session. This decline coincided with the overall sell-off of other assets like stocks. The Dow Jones declined by over 500 points while the S&P 500 and Nasdaq 100 indices fell by over 1%.There are two main reasons why stocks declined. First, the ongoing earnings season has turned out to be weaker than expected. For example, closely watched Wall Street banks like Citigroup, JP Morgan, and Goldman Sachs published weak results.

Second, stocks and Bitcoin prices retreated as investors watched the American bond market. The bond sell-off that started a few weeks ago continued this week, with the 10 and 30-year yields jumping to the highest level in two years.Risky assets like Bitcoin tends to underperform in a period of rising bond yields since it is usually a signal that the Fed will hike interest rates. The Fed has already hinted that it will implement about 3 rate hikes this year.

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BTC/USD Forex Signal: Bitcoin at Risk of Further WeaknessThe BTC/USD pair remained under pressure even as the closely watched North American Bitcoin Conference kicked off in Miami.

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Bitcoin and other cryptocurrencies declined sharply in the overnight session.is trading at $42,200, which is substantially lower than the all-time high of over $68,000.that occurs at the given levels.Get Started NOW! UK Economic Data Ahead On Friday, the Office of National Statistics (ONS) published strong economic numbers from the UK.

This decline coincided with the overall sell-off of other assets like stocks. The Dow Jones declined by over 500 points while the S&P 500 and Nasdaq 100 indices fell by over 1%. The sell-off was a continuation of the decline that started a few months ago when Bitcoin jumped to an all-time high of over 68,000. There are two main reasons why stocks declined.7177 it would probably fall to 0. First, the ongoing earnings season has turned out to be weaker than expected. Also, historically, Bitcoin tends to decline before it nears a key resistance level. For example, closely watched Wall Street banks like Citigroup, JP Morgan, and Goldman Sachs published weak results. In the morning session today, the ONS will deliver the latest jobs numbers.

Second, stocks and Bitcoin prices retreated as investors watched the American bond market. Recently, the Federal Reserve and other central banks have signaled that they will hike interest rates this year.7123 if reached would look attractive. The bond sell-off that started a few weeks ago continued this week, with the 10 and 30-year yields jumping to the highest level in two years. Risky assets like Bitcoin tends to underperform in a period of rising bond yields since it is usually a signal that the Fed will hike interest rates. Therefore, the concern among investors is that since Bitcoin rallied amid a low-interest rate environment, the path of the least resistance will be lower when the policy changes. The Fed has already hinted that it will implement about 3 rate hikes this year. The technical picture now seems to have come full circle , as after rising quite strongly over the past week to exceed even the round number at 0. The BTC/USD pair also declined as a buy the rumour, sell the fact situation emerged. Indeed, most American investors have not invested in Bitcoin despite their bullish statement about the coin. At the same time, the number of claimant count is expected to have declined in December.

During the weekend, prices rose as investors waited for the North America Bitcoin Conference (NABC). The conference started on Monday in Miami. The regulatory picture will likely become clearer in the next few weeks. In fact, this resistance level is forming the upper boundary of what appears to be a symmetrical bearish head and shoulders pattern, with the lower neckline boundary at about 0. While such events leads to higher prices, this one did not because the speakers did not include key policymakers. Another reason why the BTC/USD pair has retreated is that investors are generally fearful about the market. This report could help to build confidence among investors. The crypto fear and greed index has slumped to the lowest level in months.7223 which will suggest the price will continue to rise, or A bearish breakdown below approximately 0. Excluding the volatile food and energy prices, they expect that inflation dropped from 4.

BTC/USD Forecast The daily chart shows that the BTC/USD pair has been in a strong bearish trend in the past few days. This performance was mostly because there were no notable statements from leading investors about the coin. The sell-off started in November when the pair jumped to an all-time high of almost 70,000. It has moved below the 25-day and 50-day moving averages while the the has been in a bearish trend. The sell-off accelerated after the coin managed to move below the key support level at 56,670, which was the lowest level on October 27th. There is nothing of high importance scheduled today concerning either the AUD or the USD. Therefore, a more bearish breakout will be confirmed if the pair manages to move below last week’s low of 39,800. A drop below that  level will signal that there are still more sellers in the market. Therefore, the path of the least resistance for the coin is lower, with the next key support being at 40,000. The GBP/USD pair has also declined as the political situation in the UK worsens.

The next key level to watch will be at 35,000. Top Forex Brokers .