Bitcoin (BTCUSD) Flashes another Buying Opportunity

Bitcoin (BTCUSD) Price Forecast: January 29

The BTCUSD pair flashes another buying opportunity after a few days of downturn. The market value has sharply increased to an all-time high of $103k, capturing significant attention in the crypto market. As speculation grows about its potential, if the bulls’ pressure breaks up the resistance level of $108k, the coin price may increase further to a targeted all-time high of $120k soon, suggesting significant gains in the crypto market.

Key Levels:
Resistance Levels: $102k, $103k, $104k
Support Levels: $91k, $90k, $89k

BTC (USD) Long-term Trend: Bullish (Daily Chart)

BTCUSD has showcased an increase as it flashes another buying opportunity and remains bullish in higher time frames. The prices are trading above the moving average lines, indicating an uptrend and an improved market sentiment.
However, the bulls’ action at the $104k high level in the past few days has sustained the coin price to remain above the trend line and flashes another buying opportunity.

Today, as the daily chart opens, the Bitcoin market reaches another all-time high of $103k above the supply line, resulting in intraday gains.

Hence, the potential shows a sign of a price increase and the $120k targeted point could be achieved soon, as it flashes another buying opportunity.

The BTCUSD pair remains in an uptrend on the daily signal, suggesting the continuation of bullish sentiment. Thus, the next bulls’ target might be the $200k high level in the days ahead in its long-term outlook.

BTC (USD) Medium-term Trend: Bullish (4H Chart)

Despite the interference of short-term traders in the price flow, the medium-term time frame market flashes another buying opportunity and shows a bullish race.
The price of BTCUSD can be seen progressing upward above the moving averages, showing that buyers are currently gaining more strength in the market.

In the previous session, the coin price dropped below the EMA line, but additional buying pressure has pushed the Bitcoin price above the critical level from the $102k value to the $103k resistance level above the moving averages.

This will give the buy traders the tendency to further ladder up the trend. To push the price above the supply zone more buyers’ participation is a prerequisite.

However, there is a possibility of a further increase in the price of Bitcoin, if the buy traders increase their price actions and all the current support level holds, a psychological key level at the $120k supply level might be reached soon in its medium-term time frame.

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