Support lines work from last major rally between $30k to $70k

6 Jan 2022

The price of bitcoin is strong near two support zones of $42,000 and $40,000. The price of bitcoin fell below $44,000 shortly after the Federal Reserve’s December FOMC meeting notes re-confirmed efforts to regulate the balance sheet. If the price does not break back over $46,000, the market may be in for a prolonged bear market. BTC may retrace to the low $30,000 region. The Securities and Exchange Commission (SEC) of the United States postponed its decision on NYDIG’s spot bitcoin exchange-traded fund by 60 days on Tuesday (ETF). The delay led to a negative sentiment in the crypto markets, with several tokens experiencing a quick sell-off following the announcement. This could be a fake sell off to push the price lower so that a good buying opportunity pushes us to higher highs.