Bitcoin (BTC) is trying its best to reach at least $40,000 again. Yesterday, the price took hit after hit, dropping it to well below $39,000. This has now improved somewhat and an important area is within reach. In this morning update, we will update you on the current situation of the cryptocurrency market.

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Bitcoin price is partially recovering from the collapse

Yesterday, the downtrend brought the price to a bottom at $38,552. This was reached around 3:30 p.m. Since then, Bitcoin has started a slight rebound.

At 2am last night, Bitcoin rose to a peak price of around $40,200, which corresponds to a major resistance area. To be precise, this area ranges between $40,200 and $40,700. Previously this was an important one supportsbut with the significant decline that occurred yesterday, it has a role resistance he take in charge.

Bitcoin has moved sideways around $39,700 in recent hours.

It looks like the price is preparing for a bigger move again. The next support level is around $39,400.

If the price falls through this level, $38,800 could provide the final rescue to prevent a collapse to $38,000.

Can #Bitcoin Keep pushing through all order/sell walls @binance And bring it back into range? Or will $ Bitcoin Roll back and head to under 38k first? pic.twitter.com/EpFvjJGQjU

– Alpha BTC (@mark_cullen) January 24, 2024

At the time of writing, the price of BTC on SATOS-backed cryptocurrency exchange Bybit was worth $39,814. On the Dutch cryptocurrency exchange Bitvavo, the price of BTC in euros is 36,658. Compared to 24 hours ago, Bitcoin is still 0.72% lower.

Ethereum and BNB are the biggest losers

Despite the slight recovery, the lion’s share of the market is still much lower than yesterday. Looking at the top 10 cryptocurrencies, Ethereum (ETH) and Build ‘n Build (BNB) stand out as the biggest losers. Ethereum is down 5.13% and BNB is down 5.83% in the past 24 hours.

As for the rest, they witnessed a less pronounced decline. For example, Solana (SOL) is down 0.33%, Ripple (XRP) is down 2.77%, and Cardano is down 3.10%.

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Bitcoin Today: US PMI numbers

Today, last month’s Manufacturing and Services Purchasing Managers’ Index (PMI) will be on the agenda. Both will be announced at 3:45 p.m.

For the former, the value is expected to reach 47.9, just like last time. For the Services PMI, the forecast is 51.0, while last time it was 51.4.

Finally, crude oil inventories will be shared at 4:30 pm. A decrease of 2.150 million barrels is expected. Last week, a decrease of 2.492 million barrels was recorded.

Bitcoin is facing significant price fluctuations, making the market questionable

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  Market updates

• 07:55

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