BTC/USD Trades Marginally in a Tight Range as Bitcoin Slumps to $45k , December 31, 2021
BTC/USD is falling after retesting the $48,000 resistance zone as Bitcoin slumps to $45k. Since December 29, Bitcoin has been restricted below the $50,000 psychological price level. In other words, the market has been fluctuating between $46,000 and $49,500 price levels.
Resistance Levels: $70,000, $75,000, $80,000 Support Levels: $50,000, $45,000, $40,000
On the daily chart, BTC price bars are below the 21-day line and 50-day line moving averages. This is an indication that BTC’s price is in the bearish trend zone and capable of a further downward move. For the past four days, the upward move dries up at the 21-day line moving average or $48,400 high.
Buyers have found it difficult to break above the 21-day moving average. Incidentally, the current price action is putting pressure on the $46,000 support as Bitcoin trades in a tight range. Today, the market is declining as it faces rejection at the $48,000 resistance zone. On the downside, if the bears break the current support and the bearish momentum is sustained, the market will revisit the previous low at $41,634.
Crypto Mining Thrives in Thailand after Chinese Crypto Ban
According to reports, Thailand entrepreneurs and cryptocurrency businesses have been capitalizing on Chinese miners getting rid of their crypto mining machines. Al Jazeera has reported that: “The moment China banned crypto, we were ecstatic,” one Thai-based Bitcoin enthusiast turned miner said. The miner, who asked to remain anonymous, claimed to have set up a small solar-powered crypto mining unit for about $30,000. “I made it all back in three months,” he said. Another crypto entrepreneur, Pongsakorn Tongtaveenan, started a reseller business for crypto mining devices in Thailand. He was reported to have sold hundreds of Chinese application-specific integrated circuit (ASIC) miners to small local investors.
Meanwhile, the market is declining to the downside as Bitcoin slumps to $45k. The BTC price is consolidating above the $46,000 support. BTC price has fallen to $47,342 low at press time. BTC/USD will resume upward as it reaches the $46,000 support. However, a breakdown below the current support will lead to a deeper correction.
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