Bitcoin price analysis: BTC falls to $36K, more dip to come?

Bitcoin price analysis on the daily chart for Jan 27, 2022, comes with a bearish price trajectory as the world’s biggest cryptocurrency dipped by nearly 4.5% in the last 24-hours. Despite reclaiming $38K on Jan 26, the token was unable to move upwards. 

The data from CoinMarketCap shows a 17.17% surge in trading volume followed by a 4.47% dip in the market cap. This means that there is a surge in selling volume for Bitcoin, and we can see lower prices for the world’s biggest cryptocurrency. 

As per our Bitcoin price analysis from Jan 25, BTC reclaimed $36K and moved ahead but has now fallen back to the same levels. The daily chart for BTC started the day at a price of $36.8K and reached a daily high of $37K from a daily low of $35.5K.

Bitcoin price analysis on the daily chart

Bitcoin price analysis on the daily chart below shows that BTC is now once again in the oversold levels. The gradient of the line is negative, which means that lower prices are still possible.

Source: TradingView

The price action started a move towards the middle zone of the Bollinger Bands. However, it seems that BTC the surge in selling volumes caused the price levels to fall towards the lower end of the Bands.

Furthermore, the 50-day and 100-day Moving Averages continue to move above the price fractal. It seems that bears might regain control over the price action, and lower prices might be witnessed.

Source: TradingView

Conclusion

The Bitcoin price analysis on the daily chart suggests that the BTC token might fall more. Moreover, the popularity of Bitcoin has started to increase as even Rio de Janeiro has decided to allocate 1% of the city’s fund into BTC.