Bitcoin (BTC) Price Analysis for January 18
Sunday is mostly under bears’ control, according to CoinStats.
BTC/USD
The rate of Bitcoin (BTC) has declined by 0.48% since yesterday. Over the last week, the price has risen by 4.51%.
On the hourly chart, the price of BTC has made a false breakout of the local resistance at $95,249.
If the daily bar closes near the support, traders may see a test of the $94,500 range shortly.
On the bigger time frame, the rate of the main crypto is closer to the support than to the resistance. If a breakout of the $94,249 level happens, the accumulated energy might be enough for an ongoing decline to the $92,000-$94,000 range.
From the midterm point of view, traders should focus on the weekly bar closure in terms of the $95,938 level. If it happens far from it, sellers may seize the initiative, which may lead to a drop to the $92,000 area.
Bitcoin is trading at $95,056 at press time.
