Bitcoin Price Prediction: BTC/USD May See More Downside after Price Fails to Stay Above $37,000
Bitcoin (BTC) Price Prediction – January 20
The king coin has been facing some immense selling pressure as of late, with the support found within the $33,380 level.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Key levels:
Resistance Levels: $40,000, $42,000, $44,000
Support Levels: $30,000, $28,000, $26,000
BTC/USD has been struggling to maintain its uptrend, with the selling pressure within the $33,400 region which is stopping it from seeing any major gains throughout the past few days. Meanwhile, traders are not surprised by the selling pressure as bears are trying to defend against a break above the cryptocurrency’s all-time highs. However, until bulls break above this level, the king coin may likely face a prolonged sideways movement.
What is the Next Direction for Bitcoin?
At the time of writing, BTC/USD is trading down with 3.25% at its current price of $34,750. However, the coming few days may likely shine a light on Bitcoin’s outlook, as it is currently trading at a pivotal point. Therefore, any decline or rise from this level could determine its trend throughout the beginning of the next month.
BTC/USD is currently pushing below the 9-day and 21-day moving averages, with bears moving to erase the gains that came about at the early hour of today’s trading. More so, any bullish movement above the moving averages may push the price to the resistance level of $40,000, $42,000, and $44,000 while the supports are located at $30,000, $28,000, and $26,000 as the technical indicator remains moves below the 60-level.
BTC/USD Medium – Term Trend: Ranging (4H Chart)
Looking at the 4-hour chart, the resistance at the $36,000 has been too heavy for the bulls to overcome as the price is now struggling in a consolidation mode, which has made the cryptocurrency remain indecisive over the past few hours now. The resistance levels to watch are 37,000 and above.
Nevertheless, the coin is still roaming around $35,294 as bulls are pushing the price towards the moving averages. Meanwhile, the $32,000 and below may come into play as the technical indicator moves above 40-level.
