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Bitcoin (BTC) Price Analysis for January 8
Source: CryptoNewsNet Original Title: Bitcoin (BTC) Price Analysis for January 8 Original Link:
Market Overview
The market rise has not lasted long, and most of the coins are again in the red zone, according to CoinMarketCap.
BTC/USD Analysis
The rate of Bitcoin (BTC) has declined by 2% over the last 24 hours.
Hourly Chart
On the hourly chart, the price of BTC has made a false breakout of the local support at $89,530. However, if a bounce back does not happen by the end of the day, one can expect an ongoing correction to the $89,000 zone.
Longer Time Frame
On the longer time frame, the rate of the main crypto is going down after a false breakout of the resistance at $94,652. Until the price is below that mark, bears remain more powerful than bulls, which means that a drop remains the most likely scenario.
Midterm Perspective
From the midterm point of view, the picture is similar. The price of BTC has bounced off the resistance at $94,652. If the weekly bar closes far from that mark, traders may witness a test of the $80,000-$85,000 range shortly.
Bitcoin is trading at $90,468 at press time.