Crypto Brother
01/23 15:53
Bitcoin Price Prediction Jan 23: Is a $91K Drop Co
Bitcoin Price Prediction Jan 23: Is a $91K Drop Coming Soon?
Bitcoin’s (BTC) price closed Wednesday with a black Marubozu candlestick, signaling that the bearish trend is starting to gain momentum. After being rejected at a key resistance zone between $107k and $109k, Bitcoin formed a short-term reversal pattern, suggesting a potential price drop.Traders are closely watching key signals for clues on what’s next.
Let’s break down what these developments mean for Bitcoin’s price action and where it could head in the coming days.
Bitcoin Price Today
In the four-hour time frame, Bitcoin price has been forming a possible head and shoulders (H&S) pattern, coupled with a falling divergence of the Relative Strength Index (RSI). In case of further short-term bearish sentiment, Bitcoin price will find a solid support range between $101k and $99.5k.
In the daily time frame, a potential macro reversal pattern, characterized by a double top and bearish divergence, has been forming since early December 2024. In this regard, Bitcoin price could drop in the lower border of a horizontal channel around $91k.
Also Read : XRP & Solana ETFs: Last Chance to Buy XRP & SOL Before the Bull Run?
Conflicting Market Outlook
Following the glamorous inauguration of pro-crypto US President Donald Trump information
the cryptocurrency’s bullish outlook has significantly cooled down, possibly due to the sell-the-news narrative. However, long-term investors like MicroStrategy and BlackRock continue to accumulate Bitcoin, showing strong confidence in its future.
Upcoming Economic Events: Tension in the Air?
With the Bank of Japan set to announce its policy rate tomorrow, traders are closely watching for any hints on how this will influence next week’s Federal Reserve interest rate policy. The unpredictability of the Trump administration, along with higher-than-expected inflation data, has added uncertainty to the market, making it harder to predict the next steps.
#Share Your Thoughts on Popular Assets in March#Tariffs Crash Crypto#BTC price hits a new high of $120,000! #Santa Claus Rally#The Federal Reserve announced a rate cut
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