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BTC still rangebound above $40k

Bitcoin rose 0.36% to $42,352 on Tuesday, January 18. The market remains under pressure from selling of US equities and dollar strength across the board. All risk-sensitive assets came under pressure. The DJIA fell 1.51% to 35,368.47, while the Nasdaq dropped 2.6% to 14,506.90.

During Wednesday’s APEC session, the price action fell to $41,138. By the time of writing, BTC was trading at $42,127. The price tracked S&P (+0.23%) and Nasdaq (+0.3%) index futures higher. There is a close relationship between the cryptocurrency and the US stock markets (over 0.5). The market dynamic has remained unchanged over the past few sessions.

Buyers are struggling to defend the $41,250 level to stay above the psychological $40k level. The outlook for the leading cryptocurrency looks uncertain. Market participants should monitor the fixed income and stock markets in order to respond in a timely manner to a trend reversal. The external backdrop is negative, so in case of a headwind the buyers will have to exit their positions. In order for the rally to resume, the bulls should close the week above $45,500.

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