Bitcoin Price Prediction: BTC/USD Retreats Below $37,000
Bitcoin Price Prediction – January 28
The Bitcoin price prediction increases in the early hours of today but despite the rejection, the market is still at the downside.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Key levels:
Resistance Levels: $43,000, $45,000, $47,000
Support Levels: $30,000, $28,000, $26,000
BTC/USD continues to follow the bearish movement as the bears are forcing the king coin to bow down to fresh losses. The first digital asset is moving sideways around 9-day MA. At the time of writing, BTC/USD is changing hands at $36,246 after adjusting from the resistance level of $37,518 which is an intraday high. Moreover, the Bitcoin price may be vulnerable to losses if the price faces the lower boundary of the channel.
Bitcoin Price Prediction: Bitcoin (BTC) Bears May Reach $30k
Looking at the Bitcoin price, the Bitcoin price may continue with the downward movement as the bullish movement is not visible now unless the 9-day MA crosses above the 21-day MA. However, the technical indicator Relative Strength Index (14) confirms the bearish movement if the signal line returns into the oversold region.
Meanwhile, bulls are currently banking on the 9-day moving average to ensure that the Bitcoin price stays above this barrier. More so, any bearish movement below this could push the coin towards the lower boundary of the channel and may cause the first digital asset to reach the critical supports at $30,000, $28,000, and $26,000. Following the upward movement, if the coin crosses above the upper boundary of the channel, it may hit the nearest resistance levels at $43,000, $45,000, and $47,000 respectively.
BTC/USD Medium – Term Trend: Ranging (4H Chart)
As the 4-hour chart reveals, the Bitcoin price is seen moving around the 9-day and 21-day moving averages, the bulls are likely to step back into the market by cross above the resistance level of $38,000. If not, the support level of $34,500 and below may come into play.
Moreover, buyers may need to regroup and push the price above the upper boundary of the channel, once this is done, traders may expect a potential push towards the resistance level of $39,000 and above. Meanwhile, the technical indicator Relative Strength Index (14) is likely to cross above 50-level, suggesting a bullish movement.
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