Bitcoin (BTC) Price Prediction: BTC/USD Fails to Reclaim the $34,500 Support; a Retest of the $30,000 Support Is Likely
Bitcoin (BTC) Price Prediction – January 31, 2021
BTC/USD is still range bound between $30,000 and $34,000. A resistance line has been drawn between the peak price of $41969 and $31,987. The downtrend line also shows the resistance levels of price. The bulls have to break the resistance line and the momentum is sustained to begin afresh upside momentum.
Resistance Levels: $45,000, $46,000, $47,000
Support Levels: $35,000, $34,000, $33,000
BTC/USD – Daily Chart
On January 29, BTC/USD rebounded above the $31,987 support as price breaks out at the resistance line and above the $34,000 high. The breakout was powerful as it reached a high of $38,710.70. Unfortunately, the price spike could not be sustained as the bears pushed the price to the previous range-bound zone. BTC price has fallen and it is fluctuating between $30,000 and $34,000. The long tail that wa