Bitcoin remains hesitant as the hard blows follow for cryptos


© Reuters – The continues to falter around the $23,000 threshold on Tuesday morning as investors waver on expectations of a slower Fed rate hike, which is positive for cryptos, but also facing recession fears, which are holding back speculative assets such as BTC.

Crypto traders are also anxiously awaiting key economic data later this week, including the US Q4 GDP on Thursday.

Today, Bitcoin and the markets in general will already face some pretty busy macro news that could influence risk appetite. In particular, we will monitor the preliminary PMIs for January for Europe in the morning, before a speech by Lagarde, the President of the ECB. In the afternoon, it is the US PMIs that will attract attention.

Gemini to lay off 10% of its workforce, another blow for the crypto industry

Regarding the latest news specific to cryptocurrencies, it should be noted that the exchange platform Gemini has announced that it will lay off 10% of its workforce. Recall that Gemini was affected by the bankruptcy of the cryptocurrency lender Genesis Global Capital and was unable to disburse funds to its Earn account holders.

“We had hoped to avoid further cuts after this summer, however, continued negative macroeconomic conditions and unprecedented fraud perpetrated by bad actors in our industry have left us with no choice but to revise our outlook and further reduce our workforce. “, wrote Cameron Winklevoss, the president and co-founder of Gemini, in the internal message quoted by Coindesk.

Although not directly related to Bitcoin, the fact that the difficulties and potential bankruptcies continue in the cryptocurrency industry is far from a bullish factor, especially since the economic outlook does not provide a glimpse of a significant improvement in the situation in the short term.

Technical thresholds to watch on Bitcoin

From a chart perspective, the January 21 high at $23,312 acts as immediate resistance for the , ahead of the $24,000 threshold, then the $25,000/$25,200 area (psychological threshold and August 15, 2022 high). on the downside, the $22,000 area is the first major support.

Bitcoin (BTCUSD) - Daily Chart

The Bitcoin daily chart also shows that the 50-day moving average is about to cross above the 100-day moving average. Although it is a less strong bullish signal than the crossing of the 50-day MA above the 200-day MA (“golden cross”), its confirmation could nevertheless contribute to a bullish feeling.


Source link -95