Bitcoin Price Prediction – January 14
The Bitcoin price prediction shows that BTC is fighting to hold above the $43,000 but overhead pressure continues to make this task a difficult one for the bulls.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Resistance Levels: $48,000, $50,000, $52,000
Support Levels: $38,000, $36,000, $34,000
At the time of writing, BTC/USD is seeking support above $42,500 to avoid extending the bearish leg to $40,000. The 9-day moving average is also a key level in the mission to avert the losses, perhaps reverse the trend for gains heading to $45,000. Alternatively, the BTC bulls need to find acceptance above the intraday highs of $42,987 to refuel the recovery momentum.
Bitcoin Price Prediction: Bitcoin Price May Consolidate within the Moving Averages
The Bitcoin price is stable above $42,000 as it is currently attempting an upside break above the 9-day moving average. Meanwhile, a close above $43,000 could open the doors for a larger increase in the coming sessions. In the past few days, Bitcoin price traded in a range above the $40,000 support zone. More so, BTC/USD is slowly moving higher towards the $43,000 resistance level. The next key resistance level may be found at 45,000, above which the bulls are likely to hit the potential resistance levels at $48,000, $50,000, and $52,000 in the near term.
On the other hand, if there is no clear break above $43,000, there are chances of a fresh decline. However, as the 9-day MA remains below the 21-day MA, the coin may stay within the negative side and initial support is near the $40,000 level. The main support is now forming near the $42,000 level, below which the price could dive towards the supports of $38,000, $36,000, and $34,000 as the technical indicator Relative Strength Index (14) remains below 40-level.
BTC/USD Medium – Term Trend: Bearish (4H Chart)
On the 4-hour chart, a retest of $42,000 support gives the impression that the bulls are not yet ready for the upside. The Bitcoin price is likely to drop more as the bears continue to control the market dragging the coin towards the lower boundary of the channel. In a short time, BTC/USD may hit $41,000 if the bearish pressure continues as the price may touch the supports of $40,000 and below.
On the upside, a bullish move may hit the resistance at $44,000 and above. As of now, the technical indicator Relative Strength Index (14) is seen moving to cross below 40-level, this could take the market to a bearish scenario.
Looking to buy or trade Bitcoin (BTC) now? Invest at eToro!
68% of retail investor accounts lose money when trading CFDs with this provider