The January 26, 2022 Federal Open Markets Committee (FOMC) meeting appears to have finally benefited the bears pushing bitcoin (BTC) away from the $38,000-$40,000 area. The short term remains complicated for the bulls who will therefore have to be patient.
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Boring bitcoin in the short term: $37,500 as a precondition for bulls
The price of bitcoin drops to $35,571 on Bitfinex today, January 27, 2022. Bitcoin is trading at $35,626 at the time of writing, and is currently in a daily loss of 2.07%.
Trader Michaël van de Poppe highlighted bitcoin’s rejection at $38,000 and return to support at $36,000 – that bitcoin seems to have momentarily lost for the moment. However, he believes that bitcoin should back above $37,500 to hope for the start of a bullish recovery.
Can we really expect further rises for bitcoin, with at least one attempt to regain $40,000 by the end of this month of January 2022? Crypto trader McKenna who posted the chart below, expects “BTC price action to be on the cusp of become very boring “. The next 10 to 20 days could be, according to him, a “ No trade season “.
Long-term strong Bitcoin: strengthening fundamentals to break out of the trading zone
Mike McGlone, senior commodity strategist at Bloomberg, looked at bitcoin’s price fluctuation zone over the long term, particularly since the start of 2021. Bitcoin would be “in the process of train again a floor around $30,000 as $60,000 resistance ages”.
William Clemente, an analyst at Blockware, discussed the contrast between the current weakness in the price of bitcoin, and the strengthening of the latter’s fundamentals by citing a number of favorable events for bitcoin over the long term:
“Intel is creating mining chips, Russia is looking to get involved in mining, Goldman Sachs is bullish, Google’s partnership with Coinbase, El Salvador bonds. »
Can we still really believe in a strong bullish recovery for bitcoin in the coming weeks? The Rothschild Investment fund has in any case decided to increase its exposure to bitcoin while the markets are in the red.
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