- The Bitcoin price got off to a bearish start to the week, as it slipped below the $43,000 level.
- BTC had been fairly bearish over the weekend and had dropped to $43,013 on Sunday.
The Bitcoin price is down by almost 1% during the ongoing session, as sellers pushed BTC below $43,000 during the ongoing session. BTC has been quite bearish since Thursday, when it had dropped by 2.30% and settled at $42,843. The price recovered on Friday, rising by 0.69%, and then registered a marginal increase on Saturday, moving to $43,166. Sunday saw BTC back in the red, as it dropped to $43,013, before dropping further during the ongoing session and slipping below the $43,000 level.
Bitcoin Price Chart Indicates BTC Could Drop To $42,500
The Bitcoin price had gotten off to a fairly positive start to the previous weekend, rising by 0.39% on Saturday and then pushing up by 0.93% on Sunday to end the weekend at $42,158. On Monday, the price fell back, dropping to $41,735, but recovered on Tuesday, rising by 2.49% and moving to $42,773. BTC continued to push higher on Wednesday, rising to $43,854 after registering an increase of 2.53%.
Image: BTC/USD daily
After rising to $43,854 on Wednesday, the Bitcoin price turned bearish, dropping by 2.30% on Thursday and settling at $42,843. BTC registered a marginal increase on Friday, rising by 0.69% and moving to $43,141, before registering a marginal increase on Saturday and moving to $43,166. The price fell back in the red on Sunday, dropping by 0.70% and ending the weekend at $43,013 before dropping below the $43,000 level during the current session.
We can see that the Parabolic SAR and MACD are bullish, but if the price continues to drop, we could see them flip to bearish.
Looking at IntoTheBlock’s IOMAP for the Bitcoin price, we can see that BTC faces strong resistance at around $48,390. At this price level, over 2.2 million addresses have sold more than 1.1 million BTC.
Image: IntoTheBlock
The 4-hour Bitcoin price chart shows us that BTC had pushed above the 50-bar SMA on the 12th, rising to $43,608. The price continued to push higher from this level, rising to $44,002 before dropping back and falling to $43,571. The price continued to drop from this level, dropping below the 20-bar SMA and falling to $42,609 on the 14th. After a marginal increase, the price fell below the 50-bar SMA, dropping to $42,017, before surging back above the 50 and 20-bar SMAs and moving to $43,151 on the 14th. With the 20-bar SMA now acting as support, BTC pushed up to $43,574 on the 15th before turning bearish and dropping to $43,146. The price slipped below the 20-bar SMA on the 17th, dropping to $42,716, and then slipped below the 50-bar SMA, moving to its current level of $42,555.
We can see that the MACD is currently bearish, indicating that we could see BTC drop even further.
Image: BTC/USD 4-hour
Spain’s Regulator Warns Huobi And Bybit For Operating Without Proper Licensing
Digital asset ads in Spain will have to include a designated warning from February 2022, according to a paper release from the Comisión Nacional del Mercado de Valores (CNMV).
The paper outlined the new rules recently, indicating that the watchdog wants to “ensure that the advertising of the products offers true, understandable, and non-misleading content, and includes a prominent warning of the associated risks.”
It added that the cryptocurrency industry is non-regulated as of now, which could increase the associated risks. As such, individuals and outlets that advertise such services will have to include the following message at each post:
“Investments in crypto assets are not regulated. They may not be appropriate for retail investors, and the full amount invested may be lost.”
From now on, influencers with more than 100,000 followers should provide their planned advertisements to the CNMV at least ten days ahead of the publication for approval.
The report explained that these rules will apply to “crypto asset service providers, advertising service providers, and to any other natural or legal persons who carry on such activity on their own initiative or on behalf of third parties.”
The circular will become effective a month from now – on February 17th, 2022. Spain’s regulator issued a warning against Huobi and Bybit, two popular crypto exchanges last year. It alleged the duo for operating without a license. The authorities had then said:
“These institutions are not registered in the corresponding registry of this Commission, and, therefore, are not authorized to provide investment services or other activities subject to the CNMV’s supervision.”
Bitcoin Price Is Expected To Reach These Levels
Looking at the Bitcoin price chart, we can see that BTC has been quite bearish since the weekend, with the price down by over 1% during the current session. If the current sentiment persists, we could see BTC drop to $42,500 and then make a recovery.