BTC Price Drops Sharply As Bitcoin Faces Stiff Resistance at $39k– January 28, 2022
BTC/USD is in a range-bound move as Bitcoin faces stiff resistance at $39k. The bulls have made one attempt to break above the $39,000 resistance. Because of the failure of buyers to keep the price above the recent high, Bitcoin was compelled to a range-bound move. Presently, Bitcoin is trading at $37,307 at the time of writing.
Resistance Levels: $70,000, $75,000, $80,000 Support Levels: $50,000, $45,000, $40,000
Following the bullish move on January 26, BTC’s price failed to break above the $39,000 high. Consequently, the crypto slumped to the low of $35,557 and resumed a fresh uptrend. On the upside, if the bulls succeed in breaking above the $39,000 resistance, Bitcoin will rally to $44,000 high. In the same vein, if the bulls can clear the $44,000 resistance and push BTC price to the high of $48,000 high, Bitcoin will be out of downward correction. However, if the bullish scenario is invalidated, BTC price will be compelled to resume its range-bound move between $33,800 and $38,000 price levels. On the other hand, if the BTC price falls from the recent high, the bears will attempt to sink Bitcoin to the low of $30,000 low.
Flushing Financial Corporation Intends to Offer Bitcoin Services
A New York commercial bank intends to offer Bitcoin services to its customers. Flushing Financial Corporation was founded in 1929. According to its Q4 report, it has more than $8 billion worth of assets at the end of 2021, with a net income of around $200 million.The bank CEO and president, John R. Buran has recognized the firm’s BTC adoption to its desire to keep up with growing trends in financial markets:
“As part of our ongoing digital transformation, we recognize the importance of staying current with emerging market trends and consumer demand for alternate financial services.” Given this, the bank has partnered with crypto firm New York Digital Investment Group (NYDIG) to offer Bitcoin services to its customers. It will enable the bank to offer its customers BTC buying, selling, and holding services in a “safe and secure environment.”
Meanwhile, Bitcoin is making an upward move to retest the $39,000 high as Bitcoin faces stiff resistance at $39k. From the Fibonacci analysis, BTC/USD is to reverse at level 1.272 Fibonacci extensions or $34,207.20. From theprice action, the BTC price is retesting the Fibonacci extension.
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