Bitcoin (BTC), the world’s biggest cryptocurrency, is stuck between $42K and $43K. In the past 7 days, BTC rose by 2.05%. However, the majority of the time, BTC has remained in the $42K-$43K zone.
The data from CoinMarketCap shows that the trading volume of BTC rose by 6.45% in the last 24-hours. However, the daily candle was initiated at $43,071 and reached a daily high of $43,176 and a daily low of $42,300. The price of Bitcoin, at the time of writing, stands at $42,848.
The Bitcoin price analysis suggests that in order to break into a bullish trend, the token needs to reclaim the $45,000-$48,000 resistance zones. Compared to the all-time low, Bitcoin is 65263.98% above it and 37.74% low from the all-time high witnessed on November 10.
Bitcoin price analysis on the daily chart
The daily chart below shows that the 50-day and 100-day Moving Averages continue above the price action while the volumes have dropped way too low. Moreover, BTC witnessed a bearish Death Cross which has struck fear in the hearts of investors.
On the other hand, the prices continue to progress in the lower end of the Bollinger Bands. If selling volume increases, we might witness a breakout.
The MACD indicator suggests that the token saw a bullish divergence as the MACD line (blue) broke above the signal line (orange). However, this divergence didn’t lead to any drastic rise in prices as the token is still stuck below $45,000.
Conclusion
Bitcoin price analysis for Jan 17, 2022, suggests that volumes are too low and cannot confirm that Bitcoin will take a bullish course from hereon. The world’s biggest cryptocurrency seems to be in a bit of a pickle as Kazakhstan faced an internet blackout, as reported by TheCoinRise, leading to a protest.
On the other hand, the delay in the approval of Bitcoin spot ETF is another reason why the prices haven’t been much excitement for the crypto market.
