Bitcoin Price Prediction for Today, January 31: BTC/USD Resumes Bullish Signals; Price Could Touch $24k

The Bitcoin price prediction has been facing some mixed price action in recent days, with the crypto seeing multiple strong uptrends and selloffs.

Bitcoin Prediction Statistics Data:

• Bitcoin price now – $23,123
• Bitcoin market cap – $445.7 billion
• Bitcoin circulating supply – 19.2 million
• Bitcoin total supply – 19.2 million
• Bitcoin Coinmarketcap ranking – #1

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

Key levels:

Resistance Levels: $27,000, $28,000, $29,000

Support Levels: $20,000, $19,000, $18,000

At the time of writing, BTC/USD is trading up just above 1.26% at its current price of $23,123, which marks a notable surge from recent lows of $22,719 that were set in the early hours of today. However, the king coin’s strength is showing few signs of degrading, with bulls aggressively buying each dip as bears struggle to gain any momentum. Meanwhile, where the crypto trends in the mid-term will undoubtedly depend largely on whether or not it can break above $24,000.

Bitcoin Price Prediction: What to Expect from Bitcoin (BTC)

The Bitcoin price is trading up marginally at its current price of $23,123. Although this marks a meaningful climb from the opening price of $22,836, it is important to note that this could mark a bull-favoring break above the upper boundary of the channel.

Meanwhile, as the technical indicator, Relative Strength Index (14) is likely to return into the overbought region, a sustainable move within this barrier could locate the nearest resistance of $24,000, reaching this may allow for an extended recovery toward $27,000, $28,000, and $29,000 respectively. On the contrary, any bearish movement towards the lower boundary of the channel may force the Bitcoin price to hit the supports at $20,000, $19,000, and $18,000.

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

According to the 4-hour chart, BTC/USD should recover above the 9-day and 21-day moving averages to mitigate any short-term bearish pressure and allow for an extended recovery toward $23,500. A higher resistance may be found at $24,500 and above.

In contrast, the nearest support is located at $23,000, and a sustainable move below this level may increase the downside pressure and push the price toward the support level of $22,000 and below. Considering that the technical indicator Relative Strength Index (14) could revert to the upside as the signal crosses above the 50-level, therefore, traders might expect that more bullish signals are coming into focus.

Bitcoin Alternatives

According to the daily chart, the Bitcoin price is likely to resume the bullish movement but for this to come to focus, the king coin may need to reclaim the resistance level of $24,000. Nevertheless, the Meta Masters Guild (MEMAG) is another crypto that benefits traders. This token is this year’s Play-to-Earn guild with the fastest growth. As a result, it will be Web3’s largest mobile gaming guild. It is possible to develop games that are entertaining and intriguing and work with NFTs. And there, community members receive rewards for their investments and speculation. There has already been close to $2.5 million raised during the MEMAG presale.