Bitcoin Price Prediction – January 23
The Bitcoin price prediction shows that BTC is expected to break out from the current short-term pattern and move towards the $36,000 level.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Resistance Levels: $40,000, $42,000, $44,000
Support Levels: $30,000, $28,000, $26,000
BTC/USD is currently trading around $35,269.48 with a 0.58% gain in the past 24-hour. Looking at the daily chart, the Bitcoin price is fighting to stay above the important level of $36,000. More so, for BTC/USD to remain above 35,000 level for the past few hours, it has made many traders feel that the $30,000 support level could be strong.
Bitcoin Price Prediction: BTC Price May Move Sideways
The Bitcoin price touches the daily low of $34,810 today, if the number-one crypto breaks below this level, it could test the next support lines around the lower boundary of the channel. Alternatively, Bitcoin has to reclaim the previous resistance level at $36,000 to head upwards. If successful, the primary cryptocurrency could aim at $37,000, which could be followed by$38,000, and $39,000 resistance levels.
However, the technical indicator Relative Strength Index (14) stays within the oversold region, and this could mean that there may still be a room that could be explored by the bears. Moreover, the critical supports at $30,000, $28,000, and $26,000 may play out.
On the upside, recovery may not come easy. Therefore, traders must be aware that support will have to be sort for above $34,000 while the buyers may keep their mind towards the resistance levels $40,000, $42,000, and $44,000.
BTC/USD Medium – Term Trend: Bearish (4H Chart)
On the 4-hour chart, the technical indicator Relative Strength Index (14) keeps moving below 25-level and this supports the option of some bearish movement. Meanwhile, adding to the above, there is a little bit of bearish divergence on the Relative Strength Index (14) as the signal line is likely to face the south.
However, if the Bitcoin price breaks below the lower boundary of the channel, the market price may likely reach the support at $32,000 and below. On the contrary, if the current market value rises above the 9-day moving average, it may likely reach the resistance at $38,000 and above.
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