BTC/USD Holds above $37,352 as Bitcoin Continues Retest of $39k High

BTC Price Trades Marginally as Bitcoin Continues Retest of $39k High– January 29, 2022

Today, BTC/USD is facing another rejection at the recent high as Bitcoin continues retest of $39k high . In yesterday’s rejection, the BTC price retraced to the low of $35,557 as bulls bought the dips. In today’s rejection, the crypto retraced to the low of $37,352 and resumed an upward move. Meanwhile, Bitcoin is trading at $38,459 as of press time.

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

BTC/USD – Daily Chart

Today, Bitcoin’s (BTC) price has risen and retested the $39,000 resistance. The uptrend is dependent upon breaking the recent high. The crypto pulled back and it is retracing to the downside. This will be the second time Bitcoin will be facing rejection at the recent high. It is not clear how long will be the selling pressure as Bitcoin declines. In the first rejection on January 26, Bitcoin declined to the low of $35,557 as bulls bought the dips. On the other hand, if the selling pressure persists and the bears break below the $33,800 support, Bitcoin will further decline to the low of $30,000. There will be panic buying and selling if Bitcoin revisits the $30,000 psychological price level. Besides, Bitcoin will be faced with deeper corrections.

Belgian MP, Christophe De beukelaer Is the First Politician to Accept Salary in Bitcoin

Christophe De beukelaer is a Brussels member of parliament who becomes the first European politician to convert his salary to Bitcoin. The Belgian MP earns a monthly salary of EUR 5,500 or $6,140.75. The Brussels MP’s monthly salary is being converted to Bitcoin using the country’s popular cryptocurrency trading platform Bit4You. Christophe De beukelaer represents Humanist Democratic Centre (CDH) party and hopes that his move would inspire other politicians in the region. In a similar event, Miami Mayor Francis X. Suarez is another popular lawmaker who is known for his BTC support. He gets his salary in Bitcoin, and he works on policies to make the same option available for the city employees.

Meanwhile, BTC’s price holds above $37,000 as Bitcoin continues retest of $39k high. Buyers are making a repeat move to retest the $39,000 overhead resistance. A breakout will attract an accelerated movement to the high of $44,000. Similarly, a breakdown will have an accelerated movement to the $30,000 crucial support.