Bitcoin price analysis: BTC rebounds swiftly above $41K but fails to retain

Bitcoin price analysis for Jan 19, 2022, suggests that the bearish trend is not over yet. However, there was a short spike in the prices of Bitcoin for a short duration, and the token failed to maintain a position above $42K. At the time of writing, the BTC price rests at $41.8K. 

As per data from CoinMarketCap, the trading volume of the token rose by 3.75% in the last few hours. On the other hand, the market cap rose by 0.42%. The daily candle started the day at $42.3, reaching a daily high of $42.5K. However, the token was unable to maintain the price level above $42.5K.  

Bitcoin needs to break above the $42.4K zone and enter the $45K-$48K in order to confirm a bullish uptrend. The bulls haven’t been to take charge after the sell-off that occurred in mid-November despite a spike of more than 2% last week.

Bitcoin price analysis on the daily chart

Bitcoin price analysis on the daily chart for Jan 19, 2022, is not very optimistic as BTC wasn’t able to retain the price level above $42.4K. 

The price action is currently resting in the lower end of the Bollinger Bands, and it seems that the bears are aiming for lower levels. If the selling pressure continues as it, we might see a breakout from the lower end of the Bands. 

Furthermore, the price action continues below the 50-day and 100-day Moving Averages due to the Death Cross, which TheCoinRise reported earlier, which is another bearish indicator for the Bitcoin price analysis.

Source: TradingView

The RSI indicator on the chart below suggests that the world’s biggest cryptocurrency won’t be able to break above the $41K-$43K price levels and remain stuck, as covered by TheCoinRise earlier, because of the surge in selling pressure. The gradient of the line is negative as the line remains below 50-level.

Source: TradingView

Conclusion

The Bitcoin price analysis for Jan 19, 2022, suggests that a move towards $40K is very much likely, as predicted by TheCoinRise earlier. The market has remained in extreme fear since December, and it seems that the scenario is unlikely to change in the coming weeks.