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Bitcoin slides below noted support levels

21 Jan, 2022

Yesterday Bitcoin seemed to brush off the news from Russia; that the country was imposing further restrictions on the use of cryptocurrencies. The lead coin lifted above 42k, and then climbed past 43k, to as high as 43,506. That high came right on the 4pm London fix. What followed next was rather ugly, as it slumped back into the US close, dropping close to 41k. That slump has been extended upon in Asian trading today. BTC has fallen below all the noted supports on the downside and taken out that previously mentioned double bottom. The drop below the lower one of those at 39,624 has delivered some rapid acceleration on the downside today. BTC has dropped to as low as 38,261 so far and it may not be done with yet either. Only a sustained rebound back above 41,170 is likely to remove the risk of more downside in the short term. The range seen so far today has been covered by 38,261 to 41,529. It is currently trading at 38,665
 

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