BTC/USD Retests $40k Low as Bitcoin Pulls Back

BTC/USD Rebounds above $40k as Bitcoin Pulls Back– January 8, 2022

On January 5, BTC/USD resumed selling pressure after the bears break below the $45,600 support as Bitcoin pulls back. Since December 29, Bitcoin has been confined between $45,600 and $4 8,000. The bears have the upper hand as they broke below the $45,600 support. Today, Bitcoin has declined to $40,801 at press time. The current price slump has pushed Bitcoin to the oversold region of the market.

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

BTC/USD – Daily Chart

Bitcoin’s (BTC) price has plunged to the low of $40,801low. Today, BTC price is retesting the historical price level of September 28 which is the $40,801price level. The bears may want to break this historical price level which has been held since September. In September, the bears retested the current support twice which resulted in a price rebound. The rally extended to the high of $68,000. Today, the current support is likely to hold as the market reaches the oversold region. Bitcoin is at level 27 of the Relative Strength Index for period 14. Bitcoin is below the 20% range of the daily stochastic. The price indicators have shown that Bitcoin has reached bearish exhaustion. Buyers are likely to emerge.

Hong Kong- Based Crypto Exchange Blocks Customers’ Withdrawals

Coinsuper is the sole crypto firm in China that is licensed by the government in November 2017. It was founded by a former senior UBS Group AG executive. According to the report, five clients have filed police complaints after token withdrawals were halted by Coinsuper. This has caused the clients unable to reclaim around $55,000 in cryptocurrency and fiat. According to a client: “I called the Japanese Consulate in Hong Kong about the withdrawal trouble of the Coin Super Exchange, I was asked to report to the Hong Kong Police Force, but this time I went to the western police district of the Hong Kong Police Force. “

Meanwhile, the market has declined to the low of $40,800 as Bitcoin pulls back. The king coin is retesting the previous low of the December 4 price slump. Nonetheless, on December 18 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that BTC will fall but will reverse at level1.272 Fibonacci extension or $39,728.20.