Bitcoin Price Analysis – BTC Drops Back to $8500, Will This Support Continue To Hold Bearish Actions?
Login

Bitcoin Price Analysis – BTC Drops Back to $8500, Will This Support Continue To Hold Bearish Actions?

Estimated Reading Time: 3 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Michael Fasogbon

Updated:
• Bitcoin reached key support but awaiting the next wave.
• The price could bounce back if the $8500 level holds.

Since our previous crypto trading signals, Bitcoin’s price has moved to the downside, touching the $8500 support at the time of writing. This support has jolted price since the last sharp correction. If Bitcoin manages to break this support level, a strong correction may last to $8200 and even beyond.

Key resistance levels: $8750, $8960, $9150
Key support levels: $8400, $8300, $8200

Bitcoin (BTC) Price Analysis: Hourly Chart – Neutral

Looking at the hourly chart, we can see that Bitcoin is still trading inside a channel. Currently, the price has dropped to the lower boundary of the channel. BTC tried to break this channel an hour ago but the attempt was rejected. Meanwhile, the bears are regrouping back again.

BTCUSD -Hourly Chart – January 23

If this bearish footing leads to a breakout, Bitcoin may be doomed for a heavy loss. The next level of support to consider here is $8300 and $8200. But if Bitcoin’s price continues to respect this channel, we should expect a bounce back to $8750 to reach the channel’s upper boundary. A notable breakup would revamp Bitcoin back to $8960 and $9150 resistance.

Bitcoin (BTC) Price Analysis: 15M Chart – Bearish

Bitcoin is looking bearish on the 15-minutes time frame. The price is captured in a short-term descending channel over the last 24-hours trading. Bitcoin has now reached the bottom of the channel. So we can anticipate a bounce back to the channel’s upper boundary any moment from now.

BTCUSD -15M Chart – January 23

If we see a drop beneath the descending channel, the BTC price may further look for support at $8400 and $8300. Meanwhile, the bullish retracement level to watch out for is $8600 resistance. If the resistance breaks, Bitcoin would resume bullish towards the yellow line of $8664 and $8776 resistance. As of now, BTC is still deciding on the next wave.

BITCOIN BUY ORDER

Buy: $8507
TP: $8600
SL: $8450

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News