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Bitcoin (BTC) Price Analysis for January 24
Source: CryptoNewsNet Original Title: Bitcoin (BTC) Price Analysis for January 24 Original Link: The rates of most of the coins are rising at the beginning of the weekend.
BTC/USD
The price of Bitcoin (BTC) has risen by 0.5% since yesterday.
On the hourly chart, the rate of BTC is closer to the support than to the resistance, which means bears are more powerful than bulls to a certain extent.
On the bigger time frame, the price of the main crypto is far from the key support and resistance levels. The volume remains low, which means neither side is ready for a sharp move.
All in all, sideways trading in the range of $88,500-$90,500 is the more likely scenario.
From the midterm point of view, the rate of BTC is going down after a failed attempt to fix above the $94,652 level. If the drop continues, one can expect a test of the support next week.
Bitcoin is trading at $89,207 at press time.