- Bitcoin slipped to lower ground in a slow-moving week.
- The fresh request for an ETF did not help.
- The technical picture is bearish for BTC/USD, but experts see a short-term recovery.
Bitcoin drifted lower, without dramas this time. Jan Van Eck, the man behind the VanEck and SolidX partnership, said that funds are flowing towards gold, this according to a survey of crypto investors.
VanEck also provided some good news. The venture including also the CBOE has resubmitted the rule change request to the Securities and Exchanges Commission. The SEC is working once again after the government shutdown ended, at least for now. However, it may take its time before deciding on the fate of much-needed Bitcoin ETF.
NVidia reported is earnings and warned about falling sales due to weaker demand from crypto-miners. The flow of bad news continues, but can Bitcoin find a bottom?
Long periods of low volatility usually end abruptly, but to which direction? The doom and gloom may have gone too far, and a bounce may be seen sooner rather than later.
Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel
BTC/USD Technical Analysis
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Bitcoin is suffering the blues also on the technical charts, after moving to a lower trading range below $3,500. Momentum is weak but points down, and the Relative Strength Index (RSI) does not point to oversold conditions.
$3,342 is the immediate support line after supporting the digital coin in the past week. $3,220 was a swing low in early December. The cycle low of $3,120 is a critical line, and the round number of $3,000 follows.
Above $3,500 we find $3,620 which capped BTC/USD in late January. It is closely followed by $3,670 which was a swing high and also coincides with the 50-day Simple Moving Average. The round number of $3,800 is next up.
The Forecast Poll of experts shows a bullish bias in the short term but bearish trends later on. Long-The long-term target has been significantly downgraded.
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