Bitcoin Price Prediction: BTC/USD May Continue to See Further Downside as Price Fails to Break $35,000
Bitcoin (BTC) Price Prediction – January 26
The first digital asset has been facing some immense selling pressure as of late, with the resistance found within the $32,000 level.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Key levels:
Resistance Levels: $38,000, $40,000, $42,000
Support Levels: $27,000, $25,000, $23,000
BTC/USD has been struggling to maintain its uptrend, with the selling pressure found around the $31,000 region which is stopping it from seeing any major gains throughout the past few days. However, 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 the $35,000 level, the first digital asset may face a prolonged sideways movement.
What to Expect from Bitcoin (BTC)
Presently, BTC/USD is trading down just under 2.85% at its current price of $31,341. This marks a serious decline from its daily high of $32,845 as the coin remains below the 9-day and 21-day moving averages. However, the coming few days may likely hold the Bitcoin price within the negative side, as 9-day MA is currently moving under the 21-day MA.
BTC/USD is currently pushing below the lower boundary of the channel, with bears moving to erase the gains that came about at the early hour of today’s trading. Furthermore, any further bearish movement below the channel may drag the price to the support level of $27,000, $25,000, and $23,000 while the resistance levels are located at $37,000, $39,000, and $41,000 as the technical indicator remains below the 50-level.
BTC/USD Medium – Term Trend: Bearish (4H Chart)
Looking at the 4-hour chart, the resistance at the $35,000 has been too heavy for the bulls to overcome as the price is now struggling below the 9-day and 21-day moving averages, which makes the cryptocurrency remain on the negative side over the past few hours now. The support levels to watch are 29,000 and above as the technical indicator moves below 45-level.
However, BTC/USD is roaming around $31,406 as bears keep pushing the price towards the lower boundary of the channel. Meanwhile, the $34,500 and above may come into play if the bulls push the price above the upper boundary of the channel.
