Bitcoin (BTC) Price Prediction – January 24
Over the past few days, the Bitcoin price has remained under continuous selling pressure as the coin slipped below the $32,000 level.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Resistance Levels: $39,000, $41,000, $43,000
Support Levels: $26,000, $24,000, $21,000
BTC/USD keeps turning bearish since January 21 sharp pullback. However, during a recent selloff, the Bitcoin price has shaved almost $13,000 off its price from its recent peak of $41,986 as the bears regained the upper hand over Bitcoin’s short term trend. The 9-day and 21-day moving averages seen on the daily chart confirms that bears are already taking over the price for the first time since October 2020.
What to Expect from Bitcoin (BTC)
Looking at the daily chart, BTC/USD bears now struggle to keep the market price below $32,000. Meanwhile, the 9-day MA has briefly crossed below the 21-day MA to signify a falling pressure and welcome the bearish movement into the market. Moreover, should the present selling pressure hold long in the Bitcoin trading activities, bears could potentially move price past the former tested support of $29,000 to find additional supports at $26,000, $24,000, and $22,000 respectively.
However, as the technical indicator RSI (14) moves below the 40-level, traders should be watchful as there is a tendency that the market may see a quick bullish movement that could lead the king coin to the resistance levels of $39,000, $41,000, and $43,000.
BTC/USD Medium – Term Trend: Bearish (4H Chart)
According to the 4-hour chart, the Bitcoin price remains below the 9-day and 21-day moving averages; this could suggest that bears have come to stay in the market as the technical indicator RSI (14) moves around the 40-level. Therefore, if the $31,000 price would have to be breached negatively, the sellers may need to exert more pressure to keep the coin beneath.
However, BTC/USD could fall and reach the critical supports at $29,000, $27,000, and $25,000 respectively. On the other hand, if the bulls gather enough momentum, the Bitcoin price may cross above the moving averages to reach the potential resistance at $35,000, $37,000, and $39,000 levels.