Investing.com – Bearish pressure remains on the and most cryptocurrencies () on Tuesday morning, with BTC/USD struggling to hold the $42,000 threshold, after bottoming out at $41,600 last night.
Cautiousness, see the general risk aversion of investors seems to be the main reason for the weakness of Bitcoin. Indeed, the Q4 earnings season starts this week in the United States, and the Fed seems more and more ready to raise its rates, which worries the market.
Few Investors Expect Bitcoin to Hit $100,000 This Year
It should also be noted that according to the results of a JP Morgan survey published last night, only 5% of investors expect to see Bitcoin surpass $100,000 by the end of the year.
On the other hand, investors generally maintain a bullish view of Bitcoin for 2022, with 55% of respondents believing that it should return to $60,000 by the end of the year.
The chart context remains bearish on BTC/USD
From a graphical point of view, the only bullish argument for Bitcoin is the strength of the $40,000 support, last tested twice on September 21 and January 10, which quickly attracted buyers each time.
Regarding the bearish factors, it will be recalled that Bitcoin has been moving below a downward trend line visible in daily data since the all-time high of November 2021. A return above around $43,500 is necessary to start testing this. line currently.
It should also be remembered that Bitcoin recorded a “death cross” last week, a major bearish technical signal which corresponds to the passage of the 50-day moving average below the 200-day moving average, but which has not yet led to any significant drop.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.