Bitcoin channels up

Bitcoin channels up 14%: Still a fakeout?

Bitcoin skidded to $33,000 on January 24 and quickly channeled up 14% nearing the resistance level of $40,000.

Bitcoin price today is $37,969.79 USD with a 24-hour trading volume of $28,252,343,125 USD. Bitcoin is up 4.32% in the last 24 hours, with a market cap of $719,165,378,582 USD. It has a circulating supply of 18,940,462 BTC coins.   

Bitcoin channels up
Source: Tradingview

Bitcoin Channels up: Analysis

Bitcoin has been making lower highs after scoring an all-time high of $69,000 on November 10, mostly ranging below EMA 20. Taking that into account, Bitcoin is not bullish on a daily timeframe until it crosses EMA 20 or updates the last high above $41,000. These green candles are rising towards EMA 20 support to record another lower high and Bitcoin will supposedly update lower low by dropping again at $31,750 support.

About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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