BTC/USD Rebounds above $37k Support as Bitcoin Reclaims $40k High
Bitcoin Pushes on the Upside as Bitcoin Reclaims $40k High – February 4, 2022
BTC/USD has rebounded above the $37,000 support as Bitcoin reclaims $40K high. The bulls have cleared the $38,000 and $39,000 resistance levels. The largest cryptocurrency is expected to reach the next resistance at $44,000. Meanwhile, Bitcoin is trading at $40,395 at the time of writing.
Resistance Levels: $70,000, $75,000, $80,000 Support Levels: $50,000, $45,000, $40,000
Following the uptrend on February 1, Bitcoin’s (BTC) price rallied to the high of $39,416. The following day, BTC’s price declined to the low of $36,633 as bulls bought the dips. However, if the selling pressure persists, it implies that the bears intend to push Bitcoin to the lower price range of $33, 600. Nonetheless, if the $33,600 support is breached, BTC/USD will decline to the $30,000 psychological price level. Conversely, if the BTC price rebounds above the $36,600 support, the $39,000 resistance level will be cleared. The bullish momentum will extend to the high of $44, 000. The Relative Strength Index for period 14 is at level 52. Bitcoin is in the uptrend zone and capable of a further upward move.
Bitcoin Education Launches “La Casa Del Bitcoin,” in El Salvador
Bitcoin (BTC) platform Paxful is working to help Salvadorans to acquire knowledge about Bitcoin as the cryptocurrency becomes a legal tender in El Salvador. The company has launched “La Casa Del Bitcoin,” a new educational and training center in El Salvador to boost Bitcoin adoption. According to reports ninety percent of El Salvadorans have poor knowledge of Bitcoin.
Paxful launches “La Casa Del Bitcoin,” to enable free learning opportunities related to BTC. The center’s goal is to create awareness around the benefits of buying and selling BTC as a means of exchange for the local community. According to a spokesman of Paxful,“The center is open to everyone that wants to learn about Bitcoin and everyone who wants to teach about Bitcoin. In addition, each week will consist of special courses, which will be available to access online,”
Nonetheless, as BTC price rebounds, the bulls have broken the range-bound movement between $33,600 and $39,000 as Bitcoin reclaims $40K high. Bitcoin will be out of downward correction if the bulls break above the $47,000 resistance level. This will signal the resumption of upside momentum.
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