Bitcoin (BTC) is doing its utmost to be worth at least $40,000 again. Yesterday the price suffered one blow after another, causing it to end up well below $39,000. This has now improved somewhat and an important zone is within reach. In this morning update we will update you on the current state of the crypto market.
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Bitcoin price partly recovers from crash
Yesterday, the downtrend created a bottom price of $38,552. This was reached around 3:30 PM. Since then, Bitcoin has started a slight recovery.
At 2 a.m. last night, Bitcoin rose to a price peak of roughly $40,200, which corresponds to a key resistance zone. To be precise, this zone runs between $40,200 and $40,700. Previously this served as an important one supportbut with yesterday’s big drop, it has the role of resistance taken upon himself.
Bitcoin has been moving sideways around $39,700 in recent hours.
The bitcoin price of the past 24 hours. – Source: CoinMarketCap
The price seems to be preparing for a bigger move again. The next support level is around $39,400.
If the price falls through this, $38,800 could provide the last rescue to prevent a crash to $38,000.
Can #Bitcoin keep pushing through all the Asks / sell walls on @binance and make it back into the range? Or will $BTC roll over again and head to sub 38K first? pic.twitter.com/EpFvjJGQjU
— AlphaBTC (@mark_cullen) January 24, 2024
At the time of writing, the BTC price on crypto exchange Bybit powered by SATOS is equal to $39,814. On the Dutch crypto exchange Bitvavo, the BTC price in euros amounts to 36,658. Compared to 24 hours ago, BTC is still 0.72% lower.
Ethereum and BNB the biggest losers
Despite a slight recovery, the lion’s share of the market is still significantly lower than yesterday. Looking at the top 10 crypto coins, ethereum (ETH) and build ‘n build (BNB) stand out as the biggest losers. Ethereum is down 5.13% and BNB is down 5.83% in the past 24 hours.
The rest have experienced a less noticeable decline. For example, solana (SOL) is down 0.33%, ripple (XRP) is down 2.77% and cardano is down 3.10%.
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Bitcoin Today: US PMI Figures
Today the publication of both the manufacturing and services purchasing managers index (PMI) of the past month is on the agenda. Both will be announced at 3:45 PM.
For the former, a value of 47.9 is expected, just like last time. For the services purchasing managers index, the expectation is 51.0, while last time it was 51.4.
Finally, crude oil stocks will be shared at 4:30 p.m. A decline of 2.150 million barrels is expected. Last week a decline of 2.492 million barrels was recorded.
Bitcoin experiences heavy price fluctuations, market in doubt
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2024-01-24 06:57:49
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