{"id":280618,"date":"2021-01-07T02:57:53","date_gmt":"2021-01-07T07:57:53","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=280618"},"modified":"2021-01-07T03:04:24","modified_gmt":"2021-01-07T08:04:24","slug":"bitcoin-btc-price-prediction-january-7-2021","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/bitcoin-btc-price-prediction-january-7-2021","title":{"rendered":"Bitcoin Price Prediction: BTC\/USD Struggles below $37,000 Resistance, Targets the $45,000 High"},"content":{"rendered":"\r\n

Bitcoin (BTC) Price Prediction \u2013 January 7, 2021<\/strong>
BTC\/USD<\/a> has risen to $37,470 high after three days of correction. On January 3, the BTC price reached $34,873 but was repelled. This led to the correction and the subsequent breaking of the $35,000 resistance level. The bulls have to jump the next hurdle at the $37,000 price level for the resumption of the upside momentum.

Resistance Levels<\/strong>: $38,000, $39,000, $40,000
Support Levels<\/strong>: $25,000, $24,000, $23,000<\/p>\r\n

\"\"<\/a>
BTC\/USD – Daily Chart<\/figcaption><\/figure>\r\n

Bitcoin bulls resumed the upside momentum by pushing BTC above the $35,000 resistance level. On January 6, the bulls retested the resistance, but BTC dropped again to $34,000 low and rebounded. The bullish momentum broke the resistance as BTC rallied above $37,000. The breaking of the $37,000 resistance is incomplete as Bitcoin faces another rejection at the recent high. The RSI and the daily stochastic have remained in the overbought region signaling a possible correction. The previous correction on January 3, resulted in BTC plunging to $28,540 low. However, if the correction takes place and the price breaks below $28,540 support, the downtrend will resume. Meanwhile, Bitcoin is retracing after rejection from the recent high. BTC has fallen to $37,095 at the time of writing.

Cryptos Market Cap Break $1 Trillion Following Recent Rallies<\/strong>
The total cryptocurrency market capitalization broke the $1 trillion for the first time on Tuesday, January 6th. Bitcoin and Ether account for roughly two-thirds of the overall market capitalization. The trillion-dollar capitalization was reached when the recent rallies exceeded the highs from the 2017 and 2018 bull markets. According to CoinMarketCap, the last cycle top in early 2018, reaches a combined market capitalization of roughly $830 billion. There are reports that many crypto observers are forecasting a bullish 2021 for Bitcoin and altcoins. This is based on the growing institutional demand for Bitcoin. They have expressed four-year market cycles for their optimism.<\/p>\r\n

\"\"<\/a>
BTC\/USD – 4 hour Chart<\/figcaption><\/figure>\r\n

Meanwhile, Bitcoin is presently retracing from the $37,000 resistance level. According to the Fibonacci tool analysis, Bitcoin will rise if the current resistance is breached. On January 3 uptrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that the market will rise and reach level 2.618 Fibonacci retracement level. That is, Bitcoin will reach a high of $45,206.20.<\/p>\r\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC) Price Prediction \u2013 January 7, 2021BTC\/USD has risen to $37,470 high after three days of correction. On January 3, the BTC price reached […]<\/a><\/div>","protected":false},"author":1742,"featured_media":280655,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[1],"tags":[734,5319,7812,8009],"acf":[],"yoast_head":"\nBitcoin Price Prediction: BTC\/USD Struggles below $37,000 Resistance, Targets the $45,000 High<\/title>\n<meta name=\"description\" content=\"BTC\/USD has risen to $37,470 high after three days of correction\" \/>\n<meta name=\"robots\" content=\"max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/280618\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Price Prediction: BTC\/USD Struggles below $37,000 Resistance, 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