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Bitcoin climbs but bears fight back

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Written by:
Myrsini Giannouli

21 January 2022
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On Thursday, Russia’s Central Bank proposed banning the use and mining of cryptocurrencies on Russian territory. Russia is the latest in a number of countries, such as Italy, Spain, and the UK, that have launched a crackdown on cryptocurrencies, restricting mining and advertising. 

Bitcoin and Ethereum exhibited very low volatility earlier this week, as investors appeared to be cautious, and a trend has yet to take shape. Bitcoin price spiked suddenly on Thursday, breaking through the $43,000 level resistance and climbing to $43,400. It quickly retreated though, falling rapidly to its 41,000-support level. Ethereum suffered a similar fate, breaking through the $3,220 resistance and then falling close to the $3,000 level support. A fight between the bulls and the bears may have finally started, after days of low volatility and the following days may decide which side will prevail.   

If the price of Bitcoin goes up, it may find resistance at $44,300, while if it declines, support may be found at the $41,000 level and further down at $40,000. Ethereum may find resistance around $3,400, while the psychological level of $3,000 may provide support if it falls.

BTC/USD 1h Chart

BTCUSD 1hr chart

ETH/USD 1h Chart

ETHUSD 1hr chart

 

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Written by:
Myrsini Giannouli

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