Bitcoin is stuck in a range and it risks further decline below $41k - January 19, 2022

The BTC/USD price has fallen to $41,552 and it is now at risk of falling below $41K. Buyers attempted to maintain the price above $44,000 resistance in the days before. If buyers had been successful, Bitcoin would have rallied up to $48,000. Bitcoin is now at $41,000. The cryptocurrency will fall to $39,600 if the bears break below the psychological price of $41,000.

Resistance Levels: $70,000 - $75,000 - $80,000 Support Levels : $50,000 - $45,000 – $40,000

Sellers and buyers are having difficulty obtaining price possession in the middle price range. Buyers can now push BTC prices higher than $42,000. Sellers plan to keep pushing the largest cryptocurrency to $39,600. Buyers would have to defend this crucial support level at this low. If sellers succeed and break below $39,600, the market will fall to $30,000 psychological level. Bitcoin remains stuck in the middle price range. Georgian Citizens Make an Oath to End Crypto Mining In Georgia, hundreds of people have turned to crypto mining to disrupt the electrical supply. Local media cited a video showing miners lining up at a church to swear to St. George they wouldn't mine cryptocurrency. These pledges can be broken, it is believed. These pledges will address energy shortages that are attributed to Bitcoin mining. Svaneti, a mountainous area of Georgia, has some free electricity. This has drawn more miners to the area. This is a common occurrence around the globe. To the dismay of local residents, bitcoin miners have fled to countries that offer cheap energy. The government has also banned crypto mining from Kazakhstan and Kosovo.

BTC's price fluctuated in the middle of its price range, and it is at risk of falling below $41K. Although the price of crypto has fallen to $41,000, it is now rising. It is still uncertain if the upward movement will continue as it has been rejected at its recent high. The price action is characterised by indecisive candlesticks that are small in size.

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By: Azeez Mustapha
Title: Bitcoin (BTC) Price Prediction: BTC/USD in a Narrow Range, Risks Further Decline below $41k
Sourced From: insidebitcoins.com/news/bitcoin-btc-price-prediction-btc-usd-in-a-narrow-range-risks-further-decline-below-41k
Published Date: Wed, 19 Jan 2022 14:24:00 +0000