Bitcoin Price Prediction January 11

The Bitcoin price prediction now shows BTC increasing by around 0.37%, after hitting the daily high of $42,620.

BTC/USD Long-term Trend Bearish (Daily chart)

These are the key levels

Resistance Levels: $47,000 - $49,000 - $51,000

Support Levels: $37,000, $35,000, $33,000

BTC/USD has not been able to break the $42,500 resistance mark on the daily chart. The Bitcoin (BTC), however, begins the day by moving lower towards the $41,200 level within the channel. If the coin falls below the support level at $41,000, it could hit the critical supports of $37,000, $35,000 and $33,000.

Prediction for Bitcoin Price: Bitcoin (BTC), May Consolidate Below the Moving Averages

Bitcoin's price is not able to hold above $42,000 resistance and it may set itself up for a few more days below $41,000. A break above $41,824 could be enough to push the king coin towards the $44,000 resistance level. However, traders should note that Bitcoin's price has not crossed the 9-day moving average. This indicates that Bitcoin may be moving sideways.

The Bitcoin price has not yet risen above the range-bounding levels below the 21-daymoving and 9-day moving averages at the time of writing. The technical indicator could move below the oversold level, which would mean that the market price will remain on the negative side. However, moving to the upside could lead to resistance levels at $47,000 and $49,000 respectively.

BTC/USD Medium-Term Trend (4H Chart).

The 4-hour chart shows that the bulls return to the market when the coin crosses over the 21-day and 9-day moving averages. If the Bitcoin price follows the bearish trend, it's likely to hit the support level at $40,000 or below.

If the buyers keep pushing the coin upwards, traders might expect it to reach $43,000 resistance. Breaking above that level could allow bulls to climb to $44,000. To confirm the bullish trend, the Relative Strength Index (14) signal lines is moving towards 60-level.

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By: Azeez Mustapha
Title: Bitcoin Price Prediction: BTC/USD Fails to Push Above $42,500
Sourced From: insidebitcoins.com/news/bitcoin-price-prediction-btc-usd-fails-to-push-above-42500
Published Date: Tue, 11 Jan 2022 17:00:38 +0000