Bitcoin (BTC) Price Analysis for January 6

Has price of Bitcoin (BTC) accumulated enough energy to keep rising?

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Even though Saturday started bearish for the cryptocurrency market, some coins have already returned to the green zone.

BTC chart by CoinStats


The rate of Bitcoin (BTC) has risen by 0.50% since yesterday.

Image by TradingView

On the hourly chart, the price of BTC looks bullish as it is on the way to test the local resistance level of $43,905.

If a breakout happens, the upward move may continue to the $44,200 area tomorrow.

Image by TradingView

A less positive situation is on the daily time frame. Neither bulls nor bears are ready to seize the initiative. In this case, ongoing sideways trading in the narrow range of $43,000-$44,500 is the more likely scenario for the next days.

Image by TradingView

From the midterm point of view, one should focus on the weekly candle closure in terms of the $44,729 level. If the bar closes near it, there is a possibility of a price blast to the $46,000-$47,000 zone.

Bitcoin is trading at $43,900 at press time.

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