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Bitcoin (BTC) Price Analysis for January 19

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Thu, 19/01/2023 - 19:00
Bitcoin (BTC) Price Analysis for January 19
Cover image via www.tradingview.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

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The correction might not have ended yet, according to the CoinMarketCap ranking.

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BTC/USD

The rate of Bitcoin (BTC) has declined by 3% since yesterday.

BTC/USD chart by TradingView

On the hourly chart, the price of Bitcoin (BTC) is trading in a narrow range between the support at $20,694 and the resistance at $20,865. If the daily bar closes near the upper line, the breakout may lead to the growth of $21,000 tomorrow.

BTC/USD chart by TradingView

On the daily time frame, the situation is less positive as the price is located closer to the support than to the resistance, which means that bears are more powerful than bulls at the moment.

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Thus, the rate is below the psychological mark of $21,000, confirming sellers' power. In this case, the more likely scenario is the breakout of the support at $20,549, followed by a decrease to the $20,000 zone.

BTC/USD chart by TradingView

On the weekly chart, the price of Bitcoin (BTC) has made a false breakout of the recent local peak at $21,247. If buyers cannot restore the initiative by the end of the week and the rate remains below $21,000, the correction may continue to the 19,500-$20,000 zone.

Bitcoin is trading at $20,804 at press time.

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