On Monday, January 10, at the end of the day, the BTC/USDt pair fell by 0.11% to $41819. In the European session, the price decreased by 6.11% to $39650. The price drop coincided with the strengthening of the US dollar and the drawdown of futures on US stock indices. The price dropped below the level of $40 thousand, but the bulls managed to save the situation by bringing it back to $42 thousand for bitcoin.
Pressure on risky assets increased after the publication of the FOMC protocol.
Bitcoin sales last more than a week. Buyers have defended the $40k level, but are still vulnerable due to expectations of a rate hike by the US Federal Reserve in March and a rise in Treasury bond yields.
The price recovered by 7.51% to $42628. Yesterday’s candle was closed with a pinbar. Buyers have a chance to return the price to the level of $44500 per bitcoin. To resume the uptrend, a confident breakout of $45,500 is needed.
Participants in various markets are waiting for the speech of Fed Chairman Jerome Powell at the US Senate Banking Committee at the confirmation hearing for his candidacy for a second term as head of the Fed. Powell may hint at the timing of the rate hike. The performance is scheduled for 18:00 Moscow time.