Bitcoin Price Analysis – Bitcoin Corrects 3% Gains To $8800 But Bears Are Still Showing Commitment

Bitcoin Price Analysis – Bitcoin Corrects 3% Gains To $8800 But Bears Are Still Showing Commitment

• Bitcoin regains momentum back to $8800 resistance.
• The leading cryptocurrency continues to rely on the $8500 support

After trading around $8600 for a few days, yesterday, Bitcoin’s price increased by 3% to reach $8800 level. This level is currently suppressing the bullish pressure. If a break occurs, we should see a further gain. At the time of writing, BTC dominance is 57.8%. We can expect a correction once Bitcoin dominance keeps dropping.

Key resistance levels: $9000, $9150
Key support levels: $8600, $8500

Bitcoin (BTC) Price Analysis: 4H Chart – Bearish

Bitcoin’s volatility has been quite boring since the price fell from $9150 last weekend. Yesterday, Bitcoin showed a little strength touching $8800. Since then, trading has remained calm at around $8700. The BTC market is still in the middle of consolidation at the moment.

BTCUSD – 4H Chart – January 22

As we can see, the wedge breakout has continued to keep traders in suspense. However, if Bitcoin’s price further increases beyond $8800, the next level of resistance to watch out for is $9000 and $9150. And if the price falls back, $8600 and $8500 would act as support for Bitcoin.

Bitcoin (BTC) Price Analysis: Hourly Chart – Neutral

On the hourly chart, Bitcoin is subjected in a channel boundary. The sideways trend has continued to play out as BTC struggles to break away from the $8500 – $8800 price zones since January 19. However, BTC attempted a breakup over last 24-hours trading but failed at the channel’s resistance. Now, Bitcoin’s price is showing weakness towards the channel’s support.

BTCUSD -Hourly Chart – January 22

If the sellers to step back into the market, we may see rollback at $8500. Meanwhile, a bullish surge could send the price back to the channel’s resistance at $8750. A further climb could propel buying to $9000 and above. However, ee should keep an eye on $8300 if the channel breaks down. While waiting for a price break, Bitcoin is currently considered neutral at the moment.

BITCOIN SELL ORDER

Sell: $8664
TP: $8500
SL: $8800

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Author : Michael Fasogbon

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Michael Fasogbon is a professional Forex trader and cryptocurrency technical analyst with over five years of trading experience. Years back, he became passionate about blockchain technology and cryptocurrency through his sister and has since been following the market wave.