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Bitcoin (BTC) Price Analysis for January 6

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Sat, 6/01/2024 - 16:17
Bitcoin (BTC) Price Analysis for January 6
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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Even though Saturday started bearish for the cryptocurrency market, some coins have already returned to the green zone.

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BTC chart by CoinStats

BTC/USD

The rate of Bitcoin (BTC) has risen by 0.50% since yesterday.

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Image by TradingView

On the hourly chart, the price of BTC looks bullish as it is on the way to test the local resistance level of $43,905.

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If a breakout happens, the upward move may continue to the $44,200 area tomorrow.

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Image by TradingView

A less positive situation is on the daily time frame. Neither bulls nor bears are ready to seize the initiative. In this case, ongoing sideways trading in the narrow range of $43,000-$44,500 is the more likely scenario for the next days.

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Image by TradingView

From the midterm point of view, one should focus on the weekly candle closure in terms of the $44,729 level. If the bar closes near it, there is a possibility of a price blast to the $46,000-$47,000 zone.

Bitcoin is trading at $43,900 at press time.

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