Bitcoin (BTC) Price Sluggish Below $40k

Bitcoin (BTC) price looks tired on the first trading day of the new month. The price opened higher but was not able to sustain the higher levels. At the press time, BTC/USD is trading at $38,272.03, down 0.56% for the day.

• Bitcoin’s (BTC) price makes a sluggish start in February.
• The price seeks some catalyst to fuel the upside rally.
• US Dollar Index remains reclusive below 97.0 supporting BTC near supply zone.

A $3.55B worth of Bitcoin moved by hackers from the 2016 Bitfinex hack

Blockchain analytics firm Elliptic reported on Tuesday morning 94,643.29 bitcoins ($3.55 billion) have been moved in 26 transactions, from a wallet associated with a theft from Bitfinex in 2016 to a new address. However, in April most of the bitcoin associated with the Bitfinex hack is widely tracked and blacklisted.

On the daily chart, Bitcoin’s (BTC) price has been struggling below the 20/50/100/200 EMA  (Exponential Moving Average). Buyers should capitalize the upside momentum if the price is able to close above the 20 EMA just a tad below the psychological mark of $40k. After that, the price has to travel all the way to the horizontal resistance line at 44K. This would mark the testing of a crucial support-turned-resistance level.

The Daily Relative Strength Index (RSI) trades at 38 with no immediate sign of upside relief. Still, any uptick in the momentum oscillator could strengthen the bullish outlook for the pair in the short term.

On the flip side, the formation of a ‘Doji’ candlestick warns bulls of any wild moves in fact it is hinting at the onset of another leg-down in BTC. The immediate downside target is placed at the lows of January 24 at $32,950.72.