- The Bitcoin price has registered a marginal increase during the ongoing session, as it pushed back above $37,000.
- BTC failed to move past $39,000 and fell back on Wednesday, dropping nearly 5%.
The Bitcoin price has registered a marginal recovery during the ongoing session, as buyers pushed the price back above $37,000. BTC had started the week on a fairly positive note, rising by 1.42% on Monday and rising to $38,482. Tuesday saw BTC continue to push higher, rising to $38,760 before dropping back on Wednesday, falling by nearly 5% and falling to $36,986 before recovering during the ongoing session.
Bitcoin Price Chart Indicates BTC Could Slip Back Below $37,000
The Bitcoin price started the previous week on a fairly positive note, rising by 1.04% on Monday and moving to $36,725. The price continued to push higher on Tuesday, rising by 0.76% and pushing above $37,000. However, the price fell back on Wednesday, dropping marginally before recovering and pushing back above $37,000 on Thursday, rising to $37,197. Friday saw BTC continue to push higher, rising by 1.60% and moving to $37,793.
Image: BTC/USD daily
The Bitcoin price continued to push higher over the weekend, rising by 1.31% on Saturday and settling at $38,286. However, despite the bullish sentiment, the price fell back on Sunday, dropping by 0.89% and ending the weekend at $37,944. BTC made a fairly strong recovery on Monday, as it pushed up by 1.42% and moved to $38,482. Tuesday saw BTC move to $38,760, where the 20-day SMA was acting as resistance. As a result, the price fell back on Wednesday, dropping by nearly 5% and falling to $36,986 before recovering during the ongoing session.
We can see that the MACD is currently bullish, indicating that we could see the price push higher.
Looking at IntoTheBlock’s IOMAP for the Bitcoin price, we can see that BTC faces strong resistance at around $37,625. At this price level, over 1.2 million addresses have sold more than 835,000 BTC.
Image: IntoTheBlock
The 4-hour Bitcoin price chart shows us that BTC had pushed up to $38,126 on the 26th. At this level, the 50-bar SMA was acting as resistance, and the price fell back, dropping below the 20-bar SMA and falling to $35,759. The price made a strong recovery from this level, as it pushed above the 20 and 50-bar SMAs, rising to $38,349. The price fell back from this level, dropping back below the 20-bar SMA, and fell to $37,069, where the 50-bar SMA acted as support. As a result, the price pushed back up, rising to $38,478 on the 31st, pushing above the 20-bar SMA. BTC was able to stay at this level for the subsequent few sessions before dropping back below the 20 and 50-bar SMAs and falling to its current level of $37,100.
We can see that the Parabolic SAR and MACD are both currently bearish, indicating that the price could drop further.
Image: BTC/USD 4-hour
FTX Acquires Liquid Group, Expanding Presence in Japan
Sam Bankman-Fried’s FTX has acquired fintech firm Liquid Group and its subsidiaries, for an undisclosed sum, in a bid to navigate Japan’s crypto exchange laws. The acquisition will close in March 2022, following customary closing conditions, per a recent statement.
Liquid and FTX are expected to provide products and liquidity to retail and institutional investors within the Japanese and global markets.
As part of the deal, FTX said it absorbed Liquid Group subsidiary Quoine, a fintech company headquartered in Japan with offices in Singapore and Vietnam. Quoine operates the Liquid exchange, one of Asia’s largest crypto platforms by trade volume.
Quoine is among 29 other regulated exchange service providers operating under the country’s Payment Services Act. As part of Japan’s regulations, crypto exchange service providers must be registered with the Financial Services Agency (FSA) and a corresponding local financial bureau.
Last year, Quoine was granted a Type 1 Financial Instruments Business registration by the FSA. Type 1 gives intermediaries, including brokerages and exchanges a legal runway to offer securities and derivatives.
The statement reads:
“In connection with this acquisition, FTX has also entered into an agreement with Liquid to provide its existing Japanese users with services in compliance with Japanese laws and will transfer its existing Japanese users to Quoine, with effect from 30 March 2022.”
The move follows FTX’s $400 million Series C raise in January that fuels its plans to broaden its services and acquisitions into international markets by gaining additional licenses. Details on specific regions under consideration were scant.
FTX’s funding round was the exchange business’ third raise in six months.
Bloomberg reported earlier that Japan’s Virtual and Crypto Exchange Association, a self-regulatory body sanctioned by the FSA, is considering making it easier to list more than a dozen cryptos at a time without a lengthy review process.
Bitcoin Price Is Expected To Reach These Levels
Looking at the Bitcoin price chart, we can see that BTC has recovered during the ongoing session. If the current sentiment persists, we could see BTC push towards $37,500. However, if sellers manage to retake the session, BTC could slip below $37,000.