Bitcoin Price Prediction for Today, January 26: BTC/USD Looks For A Direction; Will $24k Come to Focus?

The Bitcoin price prediction gains 0.49% as bulls keep working hard to nurture a bullish trend above the upper boundary of the channel.

Bitcoin Prediction Statistics Data:

  • Bitcoin price now – $23,175
  • Bitcoin market cap – $445.2 billion
  • Bitcoin circulating supply – 19.2 million
  • Bitcoin total supply – 19.2 million
  • Bitcoin Coinmarketcap ranking – #1

BTC/USD Long-term Trend: Ranging (Daily Chart)

Key levels:

Resistance Levels: $26,000, $28,000, $30,000

Support Levels: $20,000, $18,000, $16,000

BTC/USD is hovering at the $23,175 resistance level as the market price is above the 9-day and 21-day moving averages, indicating a bullish movement. For the past few days, the Bitcoin price has been moving sideways and in the context of the Bitcoin exchange rate forecast; an application of $24,000 resistance is expected.

Bitcoin Price Prediction: Will BTC Break Above $24,000 Level or Reverse?

If the Bitcoin price crosses above the upper boundary of the channel, it is likely for the market price to touch the $24,000 level. This is where traders should expect buyers to fight for a further rise in BTC/USD and further development of the bullish trend. Meanwhile, looking at the market movement, there is likely that the Bitcoin price may experience a quick retracement or sell-off just in case it touches the crucial $22,000 support level.

However, any further bullish movement could hit the resistance level of $26,000, $28,000, and $30,000 respectively. On the downside, if the market decides to cross below $22,000 support, BTC/USD could head towards the lower boundary of the channel, and if that support fails to hold the sell-off, the Bitcoin price could see a further decline toward the support levels of $20,000, $18,000, and $16,000. As revealed by the technical indicator, the market may gain more if the Relative Strength Index (14) remains within the overbought region.

BTC/USD Medium-term Trend: Bullish (4H Chart)

On the 4-hour chart, traders expect the coin to gain the lost momentum so that it could move toward the upper boundary of the channel. On the contrary, if the selling pressure still exists and holds the coin does not follow the upward movement, $22,000 and below may come into play.

BTCUSD – 4-Hour Chart

However, in as much as the buyers keep the price above the 9-day and 21-day moving averages, traders may expect a strong bullish movement that could hit the resistance at $24,500 and above. Meanwhile, the technical indicator Relative Strength Index (14) is moving above the 60-level, suggesting that more bullish signals may play out.

Nonetheless, Meta Masters Guild (MEMAG) is the most rapidly growing Play-to-Earn guild of this year. Therefore, it is going to be the biggest mobile gaming guild in Web3. Fun and interesting games, which are compatible with NFTs, are created. And there, community members are rewarded as they speculate and also invest. The MEMAG presale is ongoing and close to $1.5 million has been raised so far.

Related

  • Meta Masters Guild – The Fastest Growing Play-to-Earn Guild of 2023
  • How to buy MEMAG

Comments

Post a Comment

Popular posts from this blog

How Ethereum Price Could Race to $3K Bolstered by Accelerated Staking Post-Shapella Upgrade

Image
As the price wobbles at $1,865 and traders usher in the European session, Ethereum price is facing two conflicting scenarios. advertisement Reclaiming resistance above $1,900 could clear the path to $2,000. On the flip side, losing support at the 100-day Exponential Moving Average (EMA), which is grounded at $1,800, might leave ETH vulnerable to declines targeting lower likes such as $1,730 and $1,600. Ethereum Staking Accelerates Post-Shapella Upgrade According to blockchain research platform Messari, Ethereum staking has been improving since the Shapella upgrade, which occurred in April. Before this network update that allowed investors to freely stake and unstake Ether, “staking growth was slow and perceived as riskier.” However, market conditions changed and improved drastically following the implementation of the Shapella upgrade. Users now have the freedom to “comfortably stake and unstake ETH,” thus accelerating the rate of stakin...
Read more

Avalanche (AVAX) Price Prediction: Will AVAX reach $30 in 2023?

Image
Avalanche Blockchain is a layer one blockchain and is considered one of the most cost-effective and eco-friendly blockchains in the crypto and blockchain industry. AVAX is the native token of the Avalanche blockchain. AVAX can be used as a utility token within the Avalanche ecosystem. As one of the top-rated altcoins, AVAX investors are still bullish on the token. Moreover, AVAX hodlers and stakers could receive gains and rewards over time. If you are interested in the future of Avalanche (AVAX) and would want to know the price analysis and price prediction of AVAX for 2023, 2024, 2025, 2026, and up to 2050, keep reading this CoinEdition article. Avalanche(AVAX) Market Overview Name Avalanche Symbol avax Rank #17 Price $17.63 Price Change (1h) -0.24773 % Price Change (24h) 0.37996 % Price Change (7d) -0.50464 % Market Cap $5753575560 All Time High $144.96 All Time Low $2.8 Circulating Supply 326136844.689 avax Total Supply 422199472.502 avax What is Avalanche (A...
Read more

Bitcoin 'not undervalued yet' says research as BTC price drifts nearer $16K

Image
An indicator tracking transactions in profit and loss is yet to repeat its traditional bear market bottom sequence, says CryptoQuant. Bitcoin (BTC) may not be good value enough for a macro price bottom, according to Analysis from CryptoQuant. In a blog post on Dec. 29, a contributor to the on-chain analytics platform flagged one BTC price indicator with further to fall. Profitability indicator lacks key cross At nearly 80% below all-time highs, BTC/USD is nearing the zone in which it bottomed during previous bear markets. As CryptoQuant's MAC_D notes, there is no shortage of instruments pointing to the 2022 bear market bottom already forming. Despite this, however, the signs are not yet unanimous, and pointing to transactions in profit and loss, he warns that cheaper BTC prices may still enter. CryptoQuant's unspent transaction outputs (UTXOs) in profit and loss indicator currently shows around 30% of transactions performed at a loss.  "When the UTXOs in Profit and Los...
Read more