Source: Yahoo Finance
The battle between the bulls and the bears rages on for BTC/USD. At the time of writing, it is at $37,102.48, after having risen slightly from a previous sharp dip to $36,022.61. BTC/USD failed to find acceptance above $41,000 after three straight sessions on Sunday.
Analyst Dhwani Mehta from FX Street opines that a corrective downturn in on the way amid several healthy resistances.
The $40,000 level (the Fibonacci 38.2% one-day) and $40,400 (the Fibonacci 61.8% one-day) are the level to break past to retake the record high of $41 987.
Analyst Rakesh Upadhyay from Investing.com believes that the 20-day exponential moving average (EMA), $30,539 is key support. If BTC/USD can bounce off this level, more uptrend is on the cards. If the bears take this level, a further downside to the $23, 218 can be expected.
There are a few key market movers this week. In terms of U.S. politics, the Democratic-led efforts to remove Trump from the office gathered steam over the weekend. Would President Trump be stripped of his powers and be found to be unable to fulfil the duties of the office? With less than two weeks for Joe Biden's inauguration, can Trump leave the office gracefully?
Traders would also be focusing on the prospect of increased fiscal stimulus, amidst disappointing nonfarm payrolls results last Friday. A total of 140,000 jobs were shed and this is the first monthly decline since the pandemic driven plunges in March and April.
In terms of U.S. data, consumer price inflation and retails sales data are due out this week. Traders would also be keeping an eye out for the speech from Federal Reserve Chairman, Jerome Powell this Thursday.
BTC/USD (as of Jan 11, 2021, 9.47 a.m., GMT +8) - $37,102.48
FOLLOWME BTC/USD User Sentiment (as of Jan 11, 2021 at 10.30 a.m.)
Short – 62.92%
Long – 37.08%