Bitcoin Price Analysis: BTC/USD Needs to Reclaim $40,000; Bullish Momentum May Fade Away ByAzeez MustaphaPRO INVESTOR Updated: 18 January 2021 DisclosureWe sometimes use affiliate links in our content, when clicking on those we might receive a commission – at no extra cost to you. By using this website you agree to our terms and conditions and privacy policy. Join Our Telegram channel to stay up to date on breaking news coverage Bitcoin Price Analysis (BTC) – January 18 The Bitcoin price is holding in the $36,000 level and it may likely surge into the $38,000 level before plunging again. BTC/USD Long-term Trend: Bullish (Daily Chart) Key levels: Resistance Levels: $40,000, $42,000, $44,000 Support Levels: $31,000, $29,000, $27,000 BTCUSD – Daily Chart BTC/USD market keeps trading at the upside as the price stays within the 9-day and 21-day moving averages. In the early hours of today, bulls break above the $37,000 resistance level and then pulled back as the price remains within the moving averages. Moreover, as long as the technical indicator RSI (14) remains above the 60-level, there is likely to be a downward correction that may come to play as soon as the signal begins to move below this level. What to Expect from Bitcoin (BTC) BTC/USD may likely pullback and retraces to the support level of $35,000. This could increase the chances of a rally above $40,500. In addition, if the price pulls back below the 21-day moving average, this is an indication that Bitcoin (BTC) is getting weaker. Meanwhile, the technical indicator RSI (14) is currently at around 60-level, which indicates that the market is on the upside. Expectantly, to sustain the upward movement, the bulls will have to break out towards the channel at a $39,300 resistance level. Further bullish movement may reach the potential resistance levels at $40,000, $42,000, and $44,000 respectively. While $31,000, $29,000, and $27,000 will serve as the major support levels, making room for the Bitcoin price to fall even further. BTC/USD Medium-term Trend: Ranging (4H Chart) BTC/USD trades within the range of $33,800 to $37,500. Nevertheless, Bitcoin has not yet slipped below $35,000 and is still in the loop of making a bounce back. BTC price hovers around $36,058 and may take time to persistently trade above $37,000. The upward movement is facing hurdles near the $39,000 and $40,000 resistance levels. BTCUSD – 4 Hour Chart On the downside, immediate support is below the lower boundary of the channel as the main support is at the $34,000 level. The price might slide sharply below $33,500 which may likely test the main support at the $32,500 level. Technically, Bitcoin is poised for more losses in the near-term as the RSI (14) is currently below the 50-level, indicating a sideways movement. Join Our Telegram channel to stay up to date on breaking news coverage