TL;DR Breakdown
- BTC has progressively risen beyond $32,200 and $33,100 resistance zones.
- BTC is trading beyond $33,857 in a bullish zone at press time.
- A crucial descending channel is shaping up with selling pressure near $34,000 on the 1-hour price chart.
- BTC price might spark a robust rally if it breaks past $34,000 selling pressure.
Bitcoin Price Prediction: Current price overview
Bitcoin price opened the day trading at $33,110 and has so far surged upwards to reach a daily high of $33,953.60. At the time of writing, Bitcoin is trading at a market price of $33,857, boasting a 24-hour trading volume of $58,043,263,170. Bitcoin price has increased by 1.25 percent over the last 24 hours.
Elon Musk recently changed his Twitter bio to read #Bitcoin, sending the cryptocurrency world into a frenzy that resulted in BTC rallying by 10 percent. After the massive rally towards $38,000, the Bitcoin price action pulled back but maintained to stay above the $32,000 sell-off zone. The world’s top cryptocurrency is steadily rising and testing the selling pressure at $34,000. If the buyers manage to successfully pass this resistance level, they might brace Bitcoin price for a strong upsurge.
Bitcoin Price Prediction: BTC/USD price movements over the last 24 hours
There was a sharp drop past the $33,200 anchor zone. Besides, BTC managed to steer past the $32,500 anchor zone and the 100 — SMA. Fortunately, the buyers held Bitcoin from the drop beyond the $32,000 anchor. Bitcoin price action reached a fresh dip at the $32,177 price level, but the world’s leading cryptocurrency has since risen past the $33,100 anchor and is trading beyond the $33,500 anchor level. The buyers are now testing the selling pressure near $34,000, which could pave the way for further gains towards $35,000 and $38,000. We can see that the Bitcoin price action is within a bullish ascending wedge technical structure from the above chart.
Bitcoin Price Prediction: BTC/USD pair 1-hour chart
The buyers are preparing to clear past the pressure situated at $34,000, which could usher in further gains. Notably, there is a critical descending channel shaping up with resistance near $39,900, as shown on the above 1-hour chart.
The channel resistance is near the 100-Fibonacci retracement levels of the decline from $38,600 upswings to $32,178 swing lows. If the bulls manage to clear the $34,000 selling pressure successfully, there is a possibility of a more substantial rally in the near term. The next crucial sell-off zones are located near $35,350 and $36,300.
Bitcoin Price Prediction: Conclusion
Last week, the influx of new traders led to the Robinhood trading app’s breakdown and a couple of other brokerages, forcing other crypto exchange firms to restrict deposits and registrations of new accounts. As if coordinated, the world’s wealthiest man, Elon Musk and Reddit co-founder Alexis Ohanian, added the hashtag #Bitcoin to their respective bios. This resulted in a 10 percent rally on the 28th of January and a 15.3 percent rally on the 29th of January before a correction back to below $35,000 on the 31st of January.
Even though many may take these price movements positively, when many amateurish traders extort such markets and generate profits, those acts are deemed deceitful by authorities. They can lead to an ‘unhealthy’ atmosphere. The U.S. SEC would indeed be looking to install tighter policies for new traders’ admissions into trading platforms.
Additionally, CryptoQuant CEO Ki-Young Ju asserted that the recent substantial outflow of Bitcoin from popular crypto exchange firm, Coinbase Pro, might be a bullish sign. As per data by CryptoQuant, more than 15,220 BTC worth almost half a billion dollars exited Coinbase Pro on the 31st of January. According to Ju, the significant departure might be a result of massive over-the-counter transactions by institutional investors.
