BTC/USD Drops Below $43,000 Level
Bitcoin Price Prediction – January 13
The Bitcoin price prediction shows that BTC makes sharp correction after touching the daily high of $44,453.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Key levels:
Resistance Levels: $48,000, $50,000, $52,000
Support Levels: $38,000, $36,000, $34,000
BTC/USD makes a sharp slide below $42,500 level as buying pressure cools off. However, the market price is seen trading below the 21-day moving average and could form a low at near $42,000 before stabilizing. At the time of writing, the Bitcoin price is yet to cross below the 9-day moving average as it is down by 3.48% at its price of $42,390.
Bitcoin Price Prediction: Bitcoin Price May Consolidate
The Bitcoin price is likely to test lower levels in the next few hours and a decisive break below $42,000 support may intensify selling pressure. However, if the coin slides below the 9-day moving average, the market may return into the bearish movement. In another words, the market is likely to consolidate for the next few days and the next hurdle for the king coin could come at $44,000 but may not stop the higher price movements.
Looking at the daily chart, bulls need massive liquidity and volume to push the coin above the upper boundary of the channel to make a dash to the $55,000 level. The technical indicator Relative Strength Index (14) is seen sliding below 40-level as the signal line heads downward but a reversal is likely to come into play if the resistance level of $43,000 is reclaimed.
However, the persistence trade above $45,000 level may technically push the coin to the resistance levels of $48,000, $50,000, and $52,000 while the supports lie at $38,000, $36,000, and $34,000.
BTC/USD Medium – Term Trend: Ranging (4H Chart)
Looking at the 4-Hour chart, Bitcoin (BTC) is trading below the 9-day and 21-day moving averages as the coin heads to the downside. Now, the Bitcoin price is currently hovering around $42,595 support level.
However, if the selling pressure increases within the market, the Bitcoin price may likely hit the support level of $41,000 and below. On the other hand, if the buyers push the coin above the upper boundary of the channel, then the resistance level of $44,000 and above may be reached but the Relative Strength index (14) aims to cross below 45-level, indicating additional bearish movement.
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