Bitcoin

Arthur

Spot

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/crypto-market-struggles-bitcoin-dips-below-40000-amid-limited-altcoin-recovery/" data-wpel-link="internal">Crypto Market Struggles: Bitcoin Dips Below $40,000 Amid Limited Altcoin Recovery</a> 
The king cryptocurrency is once again below $40,000, and there’s been a limited recovery in altcoins. The cumulative value of cryptocurrencies still faces the risk of a $1.4 trillion drop. So, what do the current data tell us about BTC and ETH? What levels should investors expect in the coming days? 
<h2 style="text-align: justify" id="bitcoin-btc">Bitcoin (BTC)</h2> 
GBTC outflows may have triggered a crypto market correction, but the remaining reserves of over 113,000 from nine ETF issuers are balancing the decline. The $40,000 region is witnessing a fierce battle between bears and bulls in BTC. 
Some experts are also concerned about the changing macroeconomic environment in the medium-term outlook. For example, BitMEX’s former CEO Arthur Hayes warned investors in his latest blog post that <a href="https://en.coin-turk.com/bitcoins-selling-pressure-may-soon-decrease/" data-wpel-link="internal">Bitcoin</a> could make a new bottom between $35,000 and $30,000. He mentioned that increased shipping costs due to Houthi attacks in the Red Sea could drive up inflation and that the decline in interest rates might not be as rapid as expected. 
On January 22, BTC lost the $40,000 mark and approached the main support at $37,980. BTC, attempting to bounce back from this region, faces stiff resistance at $42,116. If the price retreats from the resistance at the 20-day EMA, there’s a risk of falling to $34,000. 
<img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-306992 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/01/Bitcoin-Grafik-Yorumu-.png" alt="" width="1361" height="753"> 
Buyers are expected to aggressively defend the area between $34,000 and $37,980. To signal a reversal, the price needs to rise above the 20-day EMA. 
<h2 style="text-align: justify" id="ethereum-eth">Ethereum (ETH)</h2> 
On January 19, the price broke below the 20-day EMA ($2,395), attracting stronger sellers with each attempt to rise. The narrative of the Spot ETH ETF carried the price up to $2,700 before succumbing to the general market correction. 
<img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-306993 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/01/Ethereum-Grafik-Yorum.png" alt="" width="1362" height="755"> 
The 20-day EMA has started to turn downward and the RSI is nearing 40, confirming that the bears are in favor of the price trend continuing. If the negative sentiment persists, the bears’ second major target will be to pull the price below $2,100. Losing this region could leave the $1,900 support as the last line of defense. 
In the opposite scenario, overcoming $2,400 and gaining the $2,614 region is necessary. From that point, the ultimate targets will be $2,717 and $3,000. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/crypto-market-struggles-bitcoin-dips-below-40000-amid-limited-altcoin-recovery/" data-wpel-link="internal">Crypto Market Struggles: Bitcoin Dips Below $40,000 Amid Limited Altcoin Recovery</a></h5>

Crypto Market Struggles: Bitcoin Dips Below $40,000 Amid Limited Altcoin Recovery

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