Bitcoin Trades below $8,500 Support amidst GBP/USD Winning Streak

Published on: 01/23/20 1:16 PM

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Category: Newsletter

GBP/USD sustained its winning streak despite the parliament’s final seal to Brexit this fourth week of January 2020. The currency pair traded above the 1.31 price while traders were busy selling off their cryptocurrency as Bitcoin price drops below $8,500. Forex Broker comparison service FXBrokerFeed brings you the latest news bites and trends in the FX Broker Market, featuring crypto sell-off amidst Bitcoin bearish movement while GBP/USD remains above 1.31 for days.

Cryptocurrency sell-off Resumes

Bitcoin (BTC) traded below the previous week’s $8,500 support, following the ongoing bearish movement in the market. As a result, many traders have resumed selling off their cryptocurrencies. Bitcoin rose above $8,600 earlier in the week, but trading above that price was short-lived. The cryptocurrency may still be heading toward the $9,000 price zone. That is possible if the $8,450 support holds, and the probability will be higher if the price breaks the triangle resistance. However, traders are cautious now because there may be an impending reversal since longer timeframe charts show that Bitcoin is nearing the oversold zone. For other major cryptocurrencies, the story is not different, as the gains earlier in the week have been erased. While some recorded losses as low as 1%, others recorded losses as high as 6%. Digital assets like IOTA, Ethereum Classic (ETC), and Bitcoin gold (BTG) are the top losers.

GBP/USD Sustains Winning Streak

Surprisingly, the support won by Boris Johnson, the UK Prime Minister, for His Brexit Withdrawal Bill (WAB) had no significant effect on GBP/USD price. The House of Lords (the parliament) gave its final approval to Brexit. The currency pair sustained gains above 1.31 and has continued to trade above that price for days. FXStreet has reported that GBP/USD price may be heading to the 1.3280 resistance zone. But, there is the possibility of a correction to 1.3000 or even 1.2954.

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