Bitcoin price analysis: BTC aims for $37.5K as market remain in fear

Bitcoin price analysis
Bitcoin price analysis for Jan 24, 2022, suggests that BTC aims for $37.5K while the market remains in a state of extreme fear

Bitcoin price analysis for Jan 24, 2022, suggests that the world’s biggest cryptocurrency aims for $37.5K while the market remains in a state of extreme fear. The token is trading at a price of $35.7K and is aiming to reclaim the important support of $37.5K and make its way towards $41K.

The data from CoinMarketCap shows that BTC’s trading volume declined by almost 33.05% while the market cap is up by 0.89%. This suggests that the bulls are not in charge of the price action, and volumes are very low to suggest a breakout towards $37.5K.

The daily candle for today opened at a value of $36.2K and reached a daily high of $36.251. However, as per our Bitcoin price analysis, BTC was unable to maintain that level as prices declined to a daily low of $35,600. This crash reminds us of the September 2019 crash, reported by TheCoinRise.

Bitcoin price analysis on the daily chart

Bitcoin price analysis on the daily chart suggests that the world’s biggest cryptocurrency is aiming for higher prices, but a decline in volumes says otherwise.

In the chart below, the prices have broken out from the lower end of the Bollinger Bands, a similar scenario reported by TheCoinRise on Jan 23 in our Bitcoin price analysis. Furthermore, the 50-day and 100-day Moving Averages continue above the price action, which is another bearish indication.

Bitcoin price analysis
Source: TradingView

The On-Balance-Volume, or simply OBC, has continued to decline, and it seems that the influx of money in Bitcoin has decreased drastically. After the Death Cross that investors witnessed and TheCoinRise covered, the prices of BTC have been quite sluggish.

Bitcoin price analysis
Source: TradingView

Conclusion

The Bitcoin price analysis for Jan 24, 2022, can be concluded on a bearish note as the world’s biggest cryptocurrency aims to reclaim lost levels but is not able to do so. After being stuck in between $42K-$43K for a number of days, the BTC token has finally started bleeding. However, the low prices might be the time to enter the market.

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