The past week’s trading has been interesting as Bitcoin pinned support above $90k with a new bullish formation. It has resumed buying and is now posting gains daily.
Since last week, Bitcoin’s price has been highly volatile due to the latest positive sentiment surrounding the space. Its landscape changed to the upside following a sudden bounce back above the $90k level – which has been a critical support since the correction started in December.
Technically, the bounce caught the bears unaware and as we can see on the daily chart, they are now trapped below this mentioned support level.
Trading later got more interesting for the bulls when the asset retook the lost psychological $100k level on Thursday, closing the week on a strong note after managing to test the $106k region during the weekend.
That week’s positive actions took away the fear uncertainty and doubt – FUD in the market and Bitcoin’s bias turned bullish. The bulls reiterate actions this week and the fear of missing out – FOMO took the price to a new high of $109,588 on Monday. It retraced and traded at $105,290.
Now that Bitcoin is rising again, we can expect a bigger growth when the demand level increases. The $100k level is now held as support.
BTC’s Key Levels To Watch
Source: Tradingview
Bitcoin has recovered nicely from Monday’s dump and is now charging back to $109,588. A surge through it could propel buying towards the $112,000 and $115,000 levels as the new high in the near term.
If the price falls below the current weekly $99,550 support, we may see a retest at the $95,940 level. Dropping off this level could bring us back to the $91,000 level in no time.
Key Resistance Levels: $109,588, $112,000, $115,000
Key Support Levels: $99,550, $ 95,940, $91,000
- Spot Price: $105,290
- Trend: Bullish
- Volatility: High
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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Source: https://nulltx.com/bitcoin-price-analysis-prediction-january-23-bitcoin-regains-momentum-after-taking-a-slight-break-new-high-coming/