Bitcoin (BTC) Price Analysis for January 27

Price Predictions
Wed, 01/27/2021 - 14:38
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Denys Serhiichuk
Can traders expect a sharp drop of Bitcoin (BTC) to $28,000 after a breakout of $30,000?
Bitcoin (BTC) Price Analysis for January 27
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 correction has continued on the cryptocurrency market as almost all of the top 10 coins are in the red zone. Binance Coin (BNB) is the only exception to the rule, rising by almost 1%.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

Market capitalization has gone down and is currently $907 billion.

Cryptocurrency market capitalization
Cryptocurrency market capitalization

The relevant data for Bitcoin today:

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $570,579,838,070

  • Price: $30,656.89

  • Volume (24h): $73,047,765,128

  • Change (24h): -3.44%

The data is relevant at press time.

BTC/USD: Can bulls hold the $30,000 mark this time?

Yesterday the Bitcoin (BTC) price consolidated around the support area of $32,600. Weak attempts by buyers to restore the pair above the two-hour EMA55 were unsuccessful. The moving average in the afternoon limited the possible price recovery toward the purple downtrend line.

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

Today, buyers will continue to try to test the resistance of the trend line, but bears will be able to maintain control over the market and smoothly push the price towards the psychological support of $30,000.

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

On the 4H chart, Bitcoin (BTC) is likely to break the vital level at $30,000. Such a statement is confirmed by the high selling trading volume and the lines of the MACD indicator that have entered the red zone.

Related
BTC, ETH and XRP Price Analysis for January 26

In this case, there are high chances of seeing the main crypto trading below $29,000 shortly.

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

On the bigger time frame, Bitcoin (BTC) is even more bearish as if it fixed below $30,000. It may get to the next vital support at around $24,300 within a few days. The low liquidity supports such a move.

Bitcoin is trading at $30,460 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.