Bitcoin price prediction for Jan 18: BTC might revisit $40K

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Bitcoin price prediction for Jan 18, 2022, is bearish as the token once again fell below the important zone of $43,000. The resistance between $45K and $48K remains unconquered, as previously talked about on TheCoinRise. 

Bitcoin has been following a bearish path since witnessing the all-time high of $69,000. Investors are in extreme fear as Bitcoin once again dropped below $43K and is stuck between below $42K, which is a similar situation as TheCoinRise previously reported.

The data from CoinMarketCap suggests that the price of the token, at the time of writing, stands at $42.2K, and a drop towards $40K might be a strong possibility. The trading volume of the token rose by 21.38%, while the market cap dropped to $800 billion by 1.65% in the last 24-hours.

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Bitcoin price prediction on the daily chart

Bitcoin price prediction on the daily chart shows that the world’s biggest cryptocurrency is indeed under pressure from the bears. There is a spike in selling volume as the prices continue below the 50-day and 100-day Moving Averages. 

On the other hand, the prices continue trading in the lower end of the Bollinger Bands, which means that if the selling volume continues to spike, the prices will break out of the lower end of the Bands soon.

Source: TradingView

The RSI indicator shows that Bitcoin has been in the bearish zone since November. The sellers have dominated over the buyers while the RSI line continues with a negative gradient. The Death Cross on the daily BTC chart, which was covered by TheCoinRise, suggests that a bearish trend has set in.

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Source: TradingView

Conclusion

Despite the current bearish trend of Bitcoin, BTC is as popular as ever. As reported by TheCoinRise, Uruguay installed Bitcoin ATMs and is the 11th South American nation to do so. However, as per our Bitcoin price prediction, the price of the token might fall to $40K before resuming an upward movement. 

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