Bitcoin (BTC) Price Analysis for January 19

Price Predictions
Tue, 01/19/2021 - 14:55
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Denys Serhiichuk
Is there enough power to get Bitcoin (BTC) to $40,000?
Bitcoin (BTC) Price Analysis for January 19
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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The bullish mood continues on the cryptocurrency market. However, there are some exceptions to the rule. Mainly, Polkadot (DOT) and Chainlink (LINK) are in the red zone, falling by 2.59% and 0.65%, respectively.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

As altcoins are growing faster than Bitcoin (BTC), the market share of the leading crypto keeps going down and is now 65.2%.

BTC’s market share
BTC's market share

The relevant data for Bitcoin is looking the following way:

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $687,708,580,684

  • Price: $37,029.80

  • Volume (24h): $56,770,489,907

  • Change (24h): -0.90%

The data is relevant at press time.

BTC/USD: Is the accumulation period coming to an end?

Yesterday, buyers' attempts to gain a foothold above the hourly EMA55 were repeated and, by the end of the day, they managed to stay above the level of average prices. The daily maximum was recorded around $37,450.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the hourly time frame, one can distinguish the level of $37,300, which is currently holding back the recovery of the Bitcoin (BTC) price. If, today, the line at around $36,000 works as a support, then the recovery may continue to the resistance of $40,000.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the 4H time frame, Bitcoin (BTC) is on the way to the local resistance at $38,600. The leading crypto has accumulated enough energy to reach that level, however, it was not enough to set the new peak.

Related
BTC, ETH, XRP, LINK, DOT, ADA and XLM Price Analysis for January 18

It is also confirmed by the low buying trading volume.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

The bullish price action is also on the daily chart with a target at $42,000. However, the trading volume should increase if bulls want to attain that level. The same is applied to liquidity, which is low at current levels.

Bitcoin is trading at $37,087 at press time.

 
 
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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.