Market Analysis

BITCOIN PRICE ANALYSIS & PREDICTION (January 16) – BTC Sees Highest Weekly Sale In A Month, Are Bears Around The Corner?

Last week saw Bitcoin through a huge loss following a sudden drop from a two-year high. It ended that week in bearish mode and has yet to find solid ground up till now. So far, it has lost 3% of its dominance against altcoins. 

During last week’s trading, Bitcoin broke through a key resistance level and tested $48,969 in the quest to sustain its mid-term bullish rally. 

Unfortunately for the giant crypto, it saw a rejection and the price nosedived. The following days resulted in a bigger drop as the crypto ended the week with a notable loss. In fact, that week saw BTC through its highest sell since September 2023.

Up till now, Bitcoin is looking for a solid ground for a rebound. We may see more drops if the buyers fail to intercept. While the $41,700 level is acting as support, it currently trades two grands away from $40,000, which has been serving as a key level for over a month. 

From a technical perspective, the bulls have lost track again due to the steady drop in the last five days. Although, things are still looking good for the bulls on the weekly. But for now, the price remains within the bears’ radar.

Bitcoin’s Key Levels To Watch

Source: Tradingview

The $41,700 level is currently holding bearish actions. If the level dips in the next few hours, the potential support to keep in mind would be $40,252 and $40,000. A breakdown from there would confirm a trend reversal and could at the same time trigger a massive drop to $38,509.

There’s no sign of buyers right now. If a recovery occurs, the immediate resistance to watch is $44,300, followed by $45,567. The next level to watch is $48,700 before retaking the recent high.

Key Resistance Levels: $44,300, $45,567, $48,700

Key Support Levels: $41,700, $40,252, $38,509

  • Spot Price: $42,694
  • Trend: Bearish
  • Volatility: Moderate

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: fellowneko/123RF // Image Effects by Colorcinch

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