Bitcoin (BTC) Price Prediction – January 31
The Bitcoin price is struggling to recover above $9,500 against the USD but the coin remains at a risk of a larger breakdown below the $9,000 support.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Resistance Levels: $10,200, $10,400, $10,600
Support Levels: $8,400, $8,200, $8,000
At the time of writing, the BTC/USD price is trying to settle below $7,000, but what direction will BTC head next? The fact is that there is no consensus; since the BTC/USD bounced off a historic upward trend, it may likely enter back into a bull phase but if the coin tries to retest the $9,000 low, it may collapse further to form a longer-term bear sequence.
Moreover, as the coin is trading at $9,350 displaying an intraday loss of 1.89%. The prevailing trend is still bullish with expanding volatility. Meanwhile, a break down below the 9-day and 21-day moving averages may likely begin to form a new trend. In this case, Bitcoin could fall below $8,600 support and further movement may hit the critical supports at $8,400, $8,200 and $8,000.
However, should the bulls hold the price to remain above the moving averages and move up; the price could rise above the channel to hit $10,000 vital resistance. A further high drive could send the coin to $10,200, $10,400 and $10,600 resistance levels. More so, the stochastic RSI is still within the overbought zone, which indicates that a possible bearish momentum may play out.
BTC/USD Medium – Term Trend: Ranging (4H Chart)
At the opening of the market today, the Bitcoin price has dropped over $150 within 24 hours, bringing its price from $9,509 to reach around $9,288. After the sudden fall, the coin started rising in price to where it’s trading currently at $9,353. Should the price continue to rise further and move above the channel, it could reach the nearest resistance at $9,600, $9,800 and $10,000 levels.
Moreover, if the bears push the coin below the 9-day and 21-day moving averages to cross below the lower boundary of the channel, the price of Bitcoin may likely touch the critical support levels of $9,100, $8,900 and $8,700. Presently, the market is indecisive as the RSI (14) indicator moves below the 60-level.
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