Cryptocurrencies

BTC to GBP Trades Lower for the 2nd Day On Lack of Buying Momentum

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Written By: Eno Ikenna Eteng

Jan 14, 2022, 13:46 GMT 13:46

Summary:

The BTC to GBP pair is trading lower for a second day in a row as lack of buying momentum limits price below 32000.

The BTC to GBP pair is trading lower this Friday, following on from yesterday’s steep drop, which came as sellers entered the market at resistance.

The BTC/GBP pair is trading lower by 0.79% as the lack of bullish momentum allowed the bears to re-enter the market, sending the pair lower by nearly 4% over the last two days. The drop in Bitcoin prices follows two days of price appreciation which took the pair towards previous highs seen in September 2021.

The pair is also trending lower due to the strength of the British Pound, which is on a 4-day winning streak against the US Dollar.

BTC to GBP Outlook

Following the rejection at 32213, the BTC to GBP rate is on its way to testing support at 30100. If the bulls fail to defend this support, 28912 beckons as another price target to the south. 27054 (3-5 August 2021 lows) is an additional downside target if the price continues its decline.

On the flip side, a bounce on 30100 allows for a retest of the 32213 resistance. Only when the price clears this obstacle can 34036 become an additional target. 36306 and 38221 only become viable targets to the north if the price advances beyond 34036.

BTC/GBP: Daily Chart

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This post was last modified on Jan 14, 2022, 13:47 GMT 13:47

Written By: Eno Ikenna Eteng

Eno's work as a technical analyst and author since 2009 is well recognized in the industry and on several freelance platforms. He is also a member of the prestigious UK Society of Technical Analysts and a top-ranked participant in the Basic Investment Banking and Asset Management simulations with Amplify Trading.