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Bitcoin (BTC) Price Prediction: BTC/USD Regains Bullish Momentum above $30,000 after a Sudden Breakdown

Bitcoin (BTC) Price Prediction – January 27, 2021
For the past five days, BTC/USD price has been in a sideways move as bulls fail to break the $34,000 resistance level. The crypto has been fluctuating between $30,000 and $34,000. The bulls have attempted to break the recent resistance on two occasions but were repelled. Presently, the bears have broken the $30,000 support level. Bitcoin may encounter a deeper correction.

Resistance Levels: $45,000, $46,000, $47,000
Support Levels: $35,000, $34,000, $33,000

BTC/USD – Daily Chart

Following persistence retest at the $30,000 support, the bears broke the 30,000 support level. Nonetheless, if the bearish momentum is sustained, the coin will decline to $26,500 low. This is not the first time the $30,000 support level has been broken. On January 22, the bears broke the $30,000 support and the coin slumped to $28,989 low. Promptly, the bulls buy the dips as BTC price rose to $34,000 high but was resisted. This resulted in a range-bound movement between $30,000 and $34,000 for the past five days. Nevertheless, if the current breakdown is sustained, the BTC price will further depreciate. In the meantime, the crypto is pulling back above the $30,000 support after reaching the low of $29283.

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BTC/USD – 4 Hour Chart

Presently, the BTC price has pulled back after breaking the $30,000 support. The Fibonacci tool has indicated a downward movement of the coin. On January 22 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement level suggests that BTC price will fall to level 1.272 Fibonacci extensions or the low of $26,184.10. At this low, the coin is likely to reverse and return to 78.6% Fibonacci retracement level where it originated.

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