Bitcoin price analysis for Jan 25, 2022, comes with a slightly optimistic view towards the BTC prices as the token has reclaimed the $36K support but is facing strong resistance at $40K. A breach above these levels will confirm an uptrend.
The data from CoinMarketCap suggests that the world’s biggest cryptocurrency is still facing a downtrend with a 59.41% rise in the trading volume followed by a 1.11% rise in the market cap. This rise means that there are chances of BTC moving towards $40K.
The daily candle for today started the day at a price of $36.6K and reached a daily high of $36.69K. From thereon, the prices have turned bearish as the token fell back to $36K at the time of writing. It seems that the scenario reported by TheCoinRise on Jan 24, 2022, is still in play, i.e., BTC is making a move towards $37.5K.
Bitcoin price analysis on the daily chart
Bitcoin price analysis on the daily chart shows that despite the network difficulty reaching all-time highs, investors are buying the dip.
The chart above shows that the prices broke into the bearish oversold region, which TheCoinRise reported a few days ago. BTC is still touching the oversold region as selling pressure remains.
Furthermore, the 50-day and 100-day Moving Averages continue below the price action, which continues to act as resistances for the price movement.
The MACD indicator is also bearish, showing a bearish divergence on the daily chart, with the MACD line (blue) breaking above the signal line (orange).
Bitcoin price analysis for Jan 25, 2022 can be concluded on a bearish note as the world’s biggest cryptocurrency remains below $37K and investors try to find the bottom of the current fall. However, it seems that a move towards $40K is quite likely in the coming days.