- The Bitcoin price pushed above $38,000 on Saturday, after registering an increase of 1.31%.
- The current session sees BTC up marginally, as buyers look to push the price towards $39,000.
The Bitcoin price is only marginally up during the ongoing session, as BTC looks to continue its recent positive streak. On Wednesday, BTC had registered a marginal drop, falling by 0.34%, before recovering on Thursday and rising by 0.86%, moving to $37,197. BTC continued to push higher from this level, rising by 1.60% on Friday and moving to $37,793. The weekend saw BTC remain in the green, registering an increase of 1.31% on Saturday and moving above $38,000, settling at $38,286.
Bitcoin Price Chart Indicates BTC Could Push Towards $39,000
The Bitcoin price started the previous weekend on an extremely bearish note, dropping by over 10% on Friday. Saturday saw BTC remain in bearish territory, falling by 3.70% and settling at $35,198. However, the price managed to recover on Sunday, rising by 2.37% and ending the weekend on a positive note at $36,347. BTC managed to remain in the green on Monday, rising by 1.04% and moving to $36,725, before pushing above $37,000 on Tuesday, an increase of 0.76%.
Image: BTC/USD daily
Despite the prevailing bullish sentiment, the Bitcoin price fell back on Wednesday, falling by 0.34% after a fairly volatile session. However, BTC was back in the green on Thursday, rising by 0.86% and moving back above the $37,000 level, rising to $37,197. BTC remained bullish on Friday, rising by 1.60% and moving to $37,793, before registering another increase of 1.31% on Saturday and pushing above $38,000, rising to $38,286.
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 has strong support at around $37,517. At this price level, over 1 million addresses have bought more than 676,000 BTC.
Looking at the 4-hour Bitcoin price chart, we can see that BTC had registered a significant drop on the 24th when it fell to $33,718. The price made a strong recovery from this level, pushing above the 20-bar SMA and moving to $36,725. BTC continued to push higher from this level, rising to $38,126 on the 26th. At this level, the 50-bar SMA was acting as resistance, and BTC dropped back significantly, falling back below the 20-bar SMA and settling at $35,759. The price recovered from this point, pushing back above the 20-bar SMA and moving to $37,355, where the 50-bar SMA pushed the price back down, with BTC dropping back below the 20-bar SMA to $36,465. However, after dropping to this level, BTC registered a strong recovery, rising above the 20 and 50-bar SMAs and moving to its current level of $38,255.
We can see that the Parabolic SAR and MACD are both bullish, indicating that we could see the price push higher.
Image: BTC/USD 4-hour
LeBron James Partners With Crypto.com To Help Kids Learn About Digital Future
According to the Akron Beacon Journal report, LeBron James and Crypto.com have teamed up to teach kids about crypto technology and how it could impact their lives. The roughly 1,600 children at the four-time NBA champion’s I Promise School will learn about crypto and career fields related to the space from experts provided by Crypto.com. The education initiatives will extend to the students’ families.
James told the Akron newspaper:
“Blockchain technology is revolutionizing our economy, sports and entertainment, the art world, and how we engage with one another. I want to ensure that communities like the one I come from are not left behind.”
The deal follows Crypto.com’s purchase of the naming rights to the Staples Center in Los Angeles in November as part of a 20-year, $700 million deal. The venue (home of the NBA’s Lakers and Clippers, the NHL’s Kings, and the WNBA’s Sparks) was renamed Crypto.com Arena on Dec. 25.
The company also made a big marketing splash when aired a television spot starring Matt Damon in October. After the crypto exchange set out to build its brand awareness last year the company is focusing more on educating users and telling stories in 2022, Chief Marketing Officer Steven Kalifowitz told Blockworks in December.
Crypto.com is not the only company in the space attracting star athletes. Crypto derivatives exchange FTX has partnered with Tom Brady, Stephen Curry, and Shohei Ohtani.
Voyager Digital intends to produce more video content and build partnerships outside of the sports world this year. The firm partnered with Rob Gronkowksi last September.
Number Of Bitcoin Addresses In Loss Reaches Almost 2-year High
The ongoing Bitcoin price volatility has significantly contributed to record addresses going into losses as the market anticipates a future price rally.
Bitcoin addresses in loss metric measures balances of assets transferred into a wallet at an average price higher than the current price.
The wallets mostly make up retail investors who account for a significant share of the cryptocurrency market. The number of Bitcoin addresses in loss on a seven-day moving average (7d MA) recently attained a 21-month record high of 13,710,192.887, data by blockchain data analysis platform Glassnode indicated.
Notably, for the better of the last 21 months, Bitcoin has had several episodes of a price rally coupled with record high price levels. However, the asset has been undergoing volatility since November 2021’s peak of almost $68,000.
Elsewhere, a significant share of addresses in loss increases the possibility of holders retaining the asset in anticipation of a price rally, presenting an opportunity to sell for profit.
Worth mentioning, most market analysts hold the consensus that Bitcoin will likely rally in the future, asserting that the current correction is near term. For instance, cryptocurrency exchange Coinbase has maintained that the current price movement does not translate to the 2018 crypto winter while projecting a bright future for most assets.
The ongoing Bitcoin price volatility has also impacted the number of millionaire holders. According to a Finbold report, as of January 26, 2022, addresses with a Bitcoin balance of over $1 million stood at 87,953.
Bitcoin Price Is Expected To Reach These Levels
The Bitcoin price chart shows us that BTC has made a strong recovery over the past few sessions, reversing its bearish trend. However, the current session sees BTC marginally down, as buyers and sellers look to establish control. If sellers manage to retain the session, we could see BTC slip below $38,000, but if buyers retake the session, BTC could push above $39,000.