The fourth week of January was filled with market activities; traders resumed their cryptocurrency sell-off, as Bitcoin price fell below the $8,500 support. GBP/USD, however, sustained gains, amidst parliament giving its final seal to Brexit. Forex Broker comparison service FXBrokerFeed brings you the recent updates and commentaries in the FX Broker Market, featuring Bitcoin trades below previous week’s support and GBP/USD consolidates gains of 1.31.
Bitcoin Trades below the $8,500 Support
FXFeedBroker observed the resumption of volumes of cryptocurrency sell-off, following the bearish movement in the market. The leading cryptocurrency, Bitcoin, had traded below the $8,500 support within the week after a failed attempt to break the $8,600 price zone earlier.
According to FXStreet’s report, the fall in price may just be a minor correction before an eventual upward movement toward the $9,000 support zone. That is probable if the support at $8,450 holds and the cryptocurrency is able to break the triangle resistance. There may also be a possible long-term reversal since Bitcoin is nearly oversold.
Other major currencies are in the red too with IOTA, Ethereum Classic (ETC), and Bitcoin gold (BTG) being the major losers. Some cryptos have recorded a loss of up to 6% while others have only recorded 1% loss.
GBP/USD Maintains Its Winning Streak
According to FXBrokerFeed GBP/USD survived the fundamental news of the final seal to Brexit by the House of Lords and has maintained its winning streak. “The currency pair consolidated gains of 1.31, and might just be heading to the 1.3280 price zone,” FXStreet reports.
The development surprised lots of traders. They had expected that the increased support for the UK Prime Minister’s Brexit Withdrawal Bill (WAB) would affect GBP/USD price.
There might also be a correction that will see the price drop to the 1.3000 support or even the 1.2954 support.
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