Bitcoin Price Prediction: BTC/USD Struggles to Break $42,000 Level

Bitcoin Price Prediction – January 9

The Bitcoin price prediction shows BTC rebounds from the daily low of $41,209 as the buying interest may increase the bullish movement towards $45,000.

BTC/USD Long-term Trend: Bearish (Daily Chart)

Key levels:

Resistance Levels: $45,000, $47,000, $49,000

Support Levels: $38,000, $36,000, $34,000

BTCUSD – Daily Chart

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BTC/USD may continue to fall if the market price stays below the 9-day and 21-day moving averages.  However, as the market establishes a move towards the resistance level of $43,000, the buyers may continue to look for additional resistance levels on its way to the 9-day moving average.

Bitcoin Price Prediction: BTC Price May Reclaim $43,000 Resistance

According to the daily chart, after the Bitcoin price begins the daily trade at $41,684, the king coin is now trading above the resistance level of $42,000 and looking forward to reclaiming more resistance levels. However, the daily chart reveals that if the 9-day moving average crosses above the 21-day moving average, it may confirm the next direction that the coin will follow. In other words, BTC/USD may decline if the price breaks toward the lower boundary of the channel, but it could rise if the $43,000 resistance is reached.

At the time of writing, the technical indicator Relative Strength Index (14) may likely cross above 40-level to indicate a bullish movement. Meanwhile, if the king coin crosses above the 9-day moving averages, it could reach the resistance levels of $45,000, $47,000, and $49,000 but any movement below the lower boundary of the channel could hit the supports at $38,000, $36,000, and $34,000.

BTC/USD Medium-Term Trend: Bearish (4H Chart)

According to the 4-hour chart, the Bitcoin price is seen rising above the 9-day and 21-day moving averages as the technical indicator Relative Strength Index crosses above 40-level. However, if the Bitcoin price moves toward the upper boundary of the channel, the bullish influence could spike and the acquired more gains.

BTCUSD – 4 Hour Chart

However, should in case the current candle failed to move bullishly, the Bitcoin price may slide towards the support level of $40,500 and below. Furthermore, the bulls may need to keep the coin above the resistance level of $42,000 in other to break the potential resistance at $43,500 and above.

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