Bitcoin’s downtrend has reached strong support at $39,600. The price formed a Doji candlestick pattern indicating indecision among the bulls and the bears.

Both moving averages are sloping down and the relative strength index (RSI) is near the oversold zone, indicating that the path of least resistance is to the downside. If bears pull the price below $39,600, the selling could intensify and the BTC/USDT pair could start its journey to the next strong support at $28,805.

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On the other hand, if the price rises from the current level, the pair could rise to the 20-day exponential moving average ($45,876). If the price turns down from this level, it will suggest that the sentiment remains negative and traders are selling on rallies. That will increase the likelihood of a break below $39,600.

The bulls will have to push and sustain the price above the moving averages to indicate a possible change in trend.

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The chart shows that the selling momentum picked up on a break and close below $45,456. The bulls are attempting to arrest the decline at $40,501 but the recovery attempt is likely to face strong selling near the 20-EMA.

If the price turns down from the 20-EMA, the bears will attempt to sink the pair below $39,600 and extend the downtrend.

Alternatively, a break and close above the 20-EMA could push the pair to the 50-simple moving average. If bulls push the price above this resistance, it will suggest that bears may be losing their grip.

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Bitcoin fear and greed index on Monday, January 10, 2022, went from the extreme fear level of 20 to the level of 23 as per the alternative. me. The Fear and Greed index is a technique for assessing investors’ emotions toward the market.

Bitcoin is currently trading around $42,005.51, up 1.27%. In the last 24 hours, the highest it touched was $42,663.95 and the lowest was $41,338.16. Bitcoin has a current market cap of $794,961,454,458. It has a circulating supply of 18,924,850.00 BTC coins and a maximum supply of 21,000,000 coins.

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Binance.US is establishing a presence in the Solana Metaverse

Crypto exchange Binance.US is building space in Portals, a metaverse platform built on the Solana blockchain. Portals recreate a dense urban environment where users can explore buildings and interactive rooms. “Binance.US is getting a space in Portals Downtown with a focus on delivering the latest news, charts, and events virtually,” Portals head of community and partnerships Chris Lund said in a Twitter message to CoinDesk. Binance.US spokesperson Zachary Tindall said the virtual buildout is meant to be a gathering place for exchange users.

“We are creating a space in the metaverse for the Binance.US community to come together,” Tindall told CoinDesk in an email. “It’s the first of many steps we’re taking to be forward-looking as we build and reach our community in new environments.”

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Kazakh government resigns and shuts down the internet, causing the Bitcoin network hash rate to drop 13.4%

Kazakhstan, the second-largest country in the world when it comes to Bitcoin (BTC) mining hash rate, experienced unprecedented political unrest due to a sharp rise in fuel prices. As a result, the country’s presiding cabinet resigned, but not before the state-owned Kazakhtelecom shut down the nation’s internet, causing network activity to plunge to 2% of daily heights. The move dealt a severe blow to Bitcoin mining activity in the country. As per data compiled by YCharts.com, the Bitcoin network’s overall hash rate declined 13.4% in the hours after the shutdown from about 205,000 petahash per second (PH/s) to 177,330 PH/s. The country accounts for 18% of the Bitcoin network’s hash activity. 

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As the challenges posed by cryptocurrency and CBDC grow, India’s Central Bank establishes a Fintech Department

India’s central bank has created a dedicated department for fintech challenges, which includes a pair at their doorstep: framing cryptocurrency regulations and a central bank digital currency (CBDC). The RBI is working on two types of CBDCs, wholesale and retail, and the new department will now be tasked with overseeing their development. Meanwhile, India’s parliament is set to consider regulations of cryptocurrencies. The new department will be overseen by Ajay Kumar Choudhary who was appointed by the RBI as executive director, saying he “will look after Fintech Department, Risk Monitoring Department and Inspection Department.”