Buyers of Bitcoin (BTC) held support at $40,000 as oversold signals showed on the charts. The current rebound indicates that the cryptocurrency is beginning to recover following a near-30% drop from its all-time high of over $69,000 in November.

The four-hour chart’s relative strength index (RSI) is reaching overbought levels, similar to what happened in late December, which preceded a temporary drop. The RSI on the daily chart, on the other hand, continues to increase from oversold levels, suggesting that buyers may be active on price declines.

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Nonetheless, given the short-term downturn, the upside looks to be restricted to the $45,000-$48,000 resistance zone. Furthermore, momentum indications on weekly and monthly charts remain negative, suggesting that price increases may be limited for the time being.

Bitcoin fear and greed index on Tuesday, January 18, 2022, went from the extreme fear level of 22 to the level of 24 as per the alternative. me. The Fear and Greed index is a technique for assessing investors’ emotions toward the market.

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Bitcoin is currently trading around $42,173.51, down 1.24%. In the last 24 hours, the highest it touched was $42,892.79 and the lowest was $41,680.32. Bitcoin has a current market cap of $798,478,482,218. It has a circulating supply of 18,932,781.00 BTC coins and a maximum supply of 21,000,000 coins.

PM Modi calls for global cooperation on cryptocurrency

Prime Minister Narendra Modi on Monday stated that dealing with the difficulties posed by cryptocurrencies requires a global effort. “The kind of technology it is associated with, the decision taken by a single country will be insufficient to deal with its challenges. We have to have a similar mindset,” Modi said at the World Economic Forum’s virtual Davos Agenda conference. Modi also called for the reform of multilateral organisations, such as the International Monetary Fund, as he expressed doubt on whether they are capable of tackling such new challenges. India has been considering virtual currency regulations, which were widely expected to be introduced during the winter session of parliament in December before being delayed.

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Crypto.com halts withdrawals due to ‘suspicious activity’

Major crypto wallet and platform Crypto.com has temporarily halted withdrawals after “a small number of users reporting suspicious activity on their accounts,” but all funds are reportedly safe at the moment.  A few hours ago, Crypto.com halted withdrawals from its platform in response to several “thefts” reported by customers. Dogecoin (DOGE) founder Billy Markus noticed a suspicious transaction pattern on Etherscan that prompted the company to halt all transactions until it figures out what’s going on with its platform. Ben Baller, a cryptocurrency enthusiast and jeweller, claimed that his account had been breached, losing 4.28 Ether (ETH) (about $15,000). He also said that he used two-factor authentication, so the alleged perpetrators must have bypassed some of Crypto.com’s security features.

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A $500,000 Bitcoin donation prompts a re-investigation into a Capitol Hill riot

Law enforcement and intelligence agencies are investigating the funding sources behind Capitol Hill rioters after a $500,000 transfer worth of Bitcoin has sparked renewed concern, per Yahoo News. This transfer was first identified in December 2020. Since then, an unnamed source told Yahoo News that the transaction—as well as other intelligence—has prompted the government to investigate the origins of funding behind the Capitol Hill rioters. Yahoo News added that the government reportedly hopes to prevent future attacks like the events which transpired in Washington, D.C. on January 6, while also trying to uncover potential foreign involvement and support for right-wing activities.