Choose country & language:

Cryptos struggle to hold onto their gains

Home >  Daily Market Digest >  Cryptos struggle to hold onto their gains

Written by:
Myrsini Giannouli

03 February 2022
Share the article

Bitcoin and Ethereum climbed a little earlier in the week, but lost their gains on Wednesday. The bullish move couldn’t be supported, even as the dollar weakened. Since the start of the year, the bulls have made several attempts to push BTC price back up, but couldn’t sustain an uptrend for long, as the bears fought back. 

Bitcoin climbed above $39,000 on Tuesday raising hopes it would reach the key 40,000 level but dropped below $36,600 on Wednesday. If BTC price declines, it may find support around $33,000, while if the price of Bitcoin goes up, it may find resistance at $43,000 and further up at $44,300. Ethereum climbed above $2,800 on Tuesday but was pushed down to $2,600 on Wednesday, testing its $2,640 level support. If ETH price continues dropping, it may encounter support further down at $2,310. In case its price goes up, it may find resistance around $3,000 and further up around $3,220.

Regulatory concerns are also keeping the price of cryptos down, as many countries around the world are launching a crackdown on cryptocurrencies. US Congressman Ted Budd submitted an amendment to scrub a bill provision allowing the U.S. Treasury to unilaterally prohibit certain financial transactions without public input. If this bill passes, it would put pressure on cryptocurrencies, especially since many other countries are trying to limit cryptocurrency advertising and mining.

BTC/USD 1h Chart

BTCUSD 1hr Chart

 

ETH/USD 1h Chart

ETHUSD 1hr chart

The content provided in this material and/or any other material that this content is referred to, whether it comes from a third party or not, is for information purposes only and shall not be considered as a recommendation and/or investment advice and/or investment research and/or suggestions for performing any actions with financial products or instruments, or to participate in any particular trading strategy and cannot guarantee any profits. Past performance does not constitute a reliable indicator of future results. TopFX does not represent that the material provided here is accurate, current, or complete and therefore shouldn't be relied upon as such. This material does not take into account the reader's financial situation or investment objectives. We advise any readers of this content to seek their own advice. Without the approval of TopFX, no reproduction or redistribution of the information provided herein is permitted.

Written by:
Myrsini Giannouli

Share the article:

Latest news

Euro gains strength as ECB moves in a more hawkish direction

Myrsini Giannouli 20 May 2022

Gold prices are on the rise as risk-aversion sentiment grows

Myrsini Giannouli 20 May 2022

Oil prices rebound as the end of the Shanghai lockdown insight

Myrsini Giannouli 20 May 2022

Cryptocurrency prices reflect stock market volatility

Myrsini Giannouli 20 May 2022

Why TopFX

10-years

10-years

industry presence
as a Liquidity Provider

Spreads

Spreads
from 0.0 pips

and reliable execution

Segregated

Segregated

client funds

First-class

First-class

customer support

Open your Live Account in 3 Steps

Step 1

Fill in the registration
form and click
"Create account".

Step 2

Once you are in the client secure area, please proceed with uploading your Proof of Identity and Proof of Residence.

Step 3

When your live account is approved, you can deposit funds and start trading on your chosen platform!