Bitcoin price analysis: BTC still below $42K, a retest of $40K possible

Bitcoin is below $42K and around 39.35% low from the all-time high of $69,000 on Nov 10, 2021, turning our Bitcoin price analysis bearish
Bitcoin is below $42K and around 39.35% low from the all-time high of $69,000 on Nov 10, 2021, turning our Bitcoin price analysis bearish

Bitcoin prices continue to follow a bearish trajectory as the world’s biggest cryptocurrency hasn’t been able to break above the $42,000 price level. In this article we will have a look at the Bitcoin price analysis for January 11, 2022.

The price of BTC turned bearish, falling below $60K, after visiting the all-time high at $69,000. The sell-off that started mid-November turned the prices bearish. As reported previously by TheCoinRise, Bitcoin fell below $50K in early December.

The data from CoinMarketCap shows that as of January 11, 2022, the Bitcoin price analysis continues with a bearish outlook. The prices started the day at $41,822 and reached a daily high of $42,627 for a few moments. As Bitcoin was back above $42K for a few moments but thereafter fell to a daily low of $41,544. 

Bitcoin price analysis on the daily chart

On the daily chart, Bitcoin price analysis shows a very sluggish movement. The Fear and Greed Index went as low as 10, showing extreme fear has set in. As reported earlier by our team, BTC recovered swiftly after going as low as $40K.

On the other hand, the chart below shows that the 50-day and 100-day Moving Averages are above the price action. This is not a good sign as these are important levels of Bitcoin price support. 

On the other hand, the MACD indicator shows that the MACD line (orange) continues below the signal line (orange). This might not be good for the price action of the token as selling pressure is dominating the market. 

Bitcoin price analysis
Source: TradingView

The daily chart below shows forms an integral part of the Bitcoin price analysis. The Accumulation /Distribution chart below shows that investors are shorting their tokens instead of HODLing them. The gradient of the line is turning negative gradually.

Bitcoin price analysis
Source: TradingView

Conclusion

To conclude, the Bitcoin price is bearish for today, and it seems that the situation will continue in the near term as well. In order to flip the Bitcoin price analysis bullish, the BTC token will have to reclaim all the Moving Averages.

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