Bitcoin Price Prediction – January 8
Now, the Bitcoin price prediction shows BTC trading with a gain of 0.24% within 24 hours as it trades around the $41,666 level.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Key levels:
Resistance Levels: $46,000, $48,000, $50,000
Support Levels: $37,000, $35,000, $33,000
The daily chart reveals that BTC/USD could not stay above the previous resistance level of $42,000 as the Bitcoin price begins the day off by trending lower toward the $41,500 level within the channel. However, the first support level could be located below the lower boundary of the channel. Beneath this, critical support levels could be found at $37,000, $35,000, and $33,000.
Bitcoin Price Prediction: Can Bitcoin Price Retest $42,000?
Today’s trading marks another day that the Bitcoin price fails to stay above the 9-day moving average as it looks to set up another few days of negative price below $43,000. Meanwhile, a break above the opening price of $41,564 would have set the first digital asset up to reach the nearest resistance at the $43,000 level. In other words, traders can clearly see Bitcoin fails to break up as the technical indicator Relative Strength Index (14) keep moving around the oversold region.
Nevertheless, the Bitcoin price couldn’t go higher as it is seen dropping towards the lower boundary of the channel. Although the candle is still yet to close, and it does not look like the bulls may end up closing above the opening price of $41,564. Moreover, should the technical indicator move below 30-level, the market price may end within the negative side but on the contrary, moving towards the upside could meet the resistance levels at $46,000, $48,000, and $50,000.
BTC/USD Medium-Term Trend: Bearish (4H Chart)
Looking at the 4-hour chart, the bears are seen coming back into the market as the bulls failed to defend the $42,000. However, the $40,000 and below may come into play if the bearish momentum increases the market movement.
Moreover, if the buyers hijack the current movement and push it upward, traders may expect a retest at a $43,000 resistance level; breaking this level may further allow the bulls to hit $44,000 and above. Now, the technical indicator Relative Strength Index (14) signal line is seen moving towards 40-level which could give additional bearish signals soon.
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