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Bitcoin Price Prediction: BTC/USD At a Risk of Pulling Back to $8,000

Bitcoin (BTC) Price Prediction – January 22

BTC/USD continues to consolidate underneath a $9,000 barrier and on top of critical support $8,500. Whereas, the price range is narrowing which may likely to lead to an explosive breakout.

BTC/USD Long-term Trend: Bullish (Daily Chart)

Key levels:

Resistance Levels: $9,300, $9,500, $9,700

Support Levels: $8,000, $7,800, $7,600

BTCUSD – Daily Chart

BTC/USD has maintained its price near $8700 mark from yesterday. Though the coin has been through a few ups and downs, this period, the price has been down with 0.92% in the value. It is likely to retain this bearish vibe in the near-term as the technical indicator faces the south to touch the 60-level. At the time of writing this, the price of Bitcoin is hovering at $8,641 below the 9-day moving average.

Moreover, the critical support at $8,500 continues to be tested to the downside, as the price consolidates. Looking at the daily chart, failure of the noted support would likely see a channel retest. This area is likely to slow down the correction and serve as a jumping-off ground for another recovery attempt; however, if it is out of the way, the support level of $8,000, $7,800 and $7,600 may come into focus.

Meanwhile, BTC/USD recovers above $8,600 but the resistance at $8,800 still stands in the way of movements to $9,000. In the meantime, Bitcoin is trading at $8,641 amid a building bullish momentum. However, BTC/USD is still fighting to correct the subtle bearish movement and the bullish trend coupled with the right volume and high volatility levels are the right ingredient for the recovery to $9,000 in other to resume its upward movement towards $9,300, $9,500 and $9,700 resistance levels.

BTC/USD Medium-Term Trend: Ranging (4H Chart)

Checking the 4-Hour chart, BTC/USD trades within the range of $8,465 to $8,791. Nevertheless, Bitcoin has not yet slipped below $8,400 and still in the loop of breaking or making a bounce back. BTC price hovers around $8,644 and may take time to persistently trade above $8,800. The upward movement may be able to near the $8,900 and $9,000 resistance level if the bulls regroup.

BTCUSD – 4 Hour Chart

However, on the downside, immediate support is around the $8,500 level while the main support is at the $8,400 level. The price may likely fall below $8,400 if the bears step back into the market, a further movement could test the critical support at $8,300 level. Technically, Bitcoin is currently moving in sideways while the RSI (14) moves in the same direction, indicating an indecisive in the market movement.

Please note: Insidebitcoins.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.