Bitcoin (BTC) Price Analysis for January 22

Bitcoin
u.today 5 h    Reading time: ~2 m

Most of the coins might need a correction before the next wave of growth.

Bitcoin (BTC) Price Analysis for January 220

BTC/USD

Even though the price of Bitcoin (BTC) has dropped by 0.32% since yesterday, the rate has grown by more than 10% over the last week.

Bitcoin (BTC) Price Analysis for January 221

On the local chart, the price of Bitcoin (BTC) is in the narrow range between the support at $22,702 and the resistance at $22,969. At the moment, the rate is on the way to the upper line, which means that bulls are not going to give up.

In case of a breakout, the growth may continue to the $23,100-$23,200 zone.

Bitcoin (BTC) Price Analysis for January 222

On the bigger time frame, the situation is also positive as the price has bounced back from the recently formed support level of $22,750. If closure happens near the important $23,000 zone, the upward move can continue to $23,362.

Bitcoin (BTC) Price Analysis for January 223

From the midterm point of view, the weekly candle is about to close above the $22,781 mark, which means that Bitcoin (BTC) remains bullish. In this regard, the energy might be enough for a move to the next resistance area of around $25,000.

Bitcoin is trading at $22,912 at press time.



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Updated: 01/22/2023 — 20:00

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