Bitcoin Price Prediction – January 24
The Bitcoin price prediction begins another break down and the price could hit $30,000 support as Bitcoin price faces a fresh round of downtrend.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Resistance Levels: $40,000, $42,000, $44,000
Support Levels: $29,000, $27,000, $25,000
BTC/USD resumes back into a selling mode, after a slight recovery yesterday. Early this morning, the coin opened the trade around $36,275.28 and has been in retreat ever since. At the time of writing, BTC/USD is trading at $34,114, down 5.97% below the 9-day and 21-day moving averages. Bitcoin continues to narrow down, and it is likely to cross below the lower boundary of the channel.
Bitcoin Price Prediction: Bitcoin (BTC) Ready to Relax at the Downside
At the time of writing, the Bitcoin price is struggling to hold a couple of important supports above $34,000. However, the price is likely to continue lower below the channel. Therefore, if there is a downside break below this barrier, the price could visit the $30,000 support level. The bears are gaining momentum and if the price clears the above-mentioned support, there is a risk of a sharp decline to another critical support level.
In addition, the market is deciding around the lower boundary of the channel, where the buyers are anticipating a rebound. Meanwhile, the $40,000, $42,000, and $44,000 may further surface as potential resistance levels should the $38,000 level play out. However, a strong bearish movement may bring the Bitcoin price to $29,000, $27,000, and $25,000 supports as the Relative Strength Index (14) is below 25-level within the oversold region.
BTC/USD Medium – Term Trend: Bearish (4H Chart)
Following the 4-hour chart, Bitcoin bulls are now pushing the price above its previous support level that existed around $34,000. Although, the Bitcoin price has not yet rise above $35,000 but it’s still in the loop of making a bounce back according to the technical indicator Relative Strength index (14) which is recovering from the oversold region.
Therefore, the Bitcoin price hovers around $34,428 and may take time to persistently trade above $35,000. Nevertheless, BTC/USD is still below the 9-day and 21-day moving averages and any upward movement above this barrier may likely push the price near the resistance level of $36,000 and above while the immediate support lies at $32,500 and below.
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