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Bitcoin (BTC) Price Analysis for January 12

Is the recent dump of Bitcoin (BTC) the last one before setting new peaks?

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Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of CryptoComes. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Most of the top 10 coins have recovered after a recent sharp drop. Bitcoin Cash (BCH) is the biggest loser, falling by 1.50% over the last day.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

The market share of Bitcoin (BTC) has slightly fallen over the last few days and now is at 68.6%.

BTC’s market share
BTC’s market share

The relevant data for Bitcoin is looking the following way:

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $614,605,949,427

  • Price: $33,046.29

  • Volume (24h): $96,955,578,476

  • Change (24h): -1.02%

The data is relevant at press time.

BTC/USD: Are the nulls ready to conquer new peaks after a sharp drop?

Bitcoin (BTC) might have finished its correction after a drop from $42,000. However, the rate of the leading crypto has fallen by 1% since yesterday.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the hourly chart, Bitcoin (BTC) has retested the $32,500 local level before continued short-term growth. It is too early to consider a return to $40,000 as the asset needs more time to consolidate and gain power.

👉 MUST READ Ethereum (ETH) Price Analysis for January 11related article image

In this case, the nearest level is $35,000, where the coin may arrive soon.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the bigger chart, the long scenario also prevails, which is confirmed by the MACD indicator that is about to enter the green zone. If that happens, there are chances to see Bitcoin (BTC) trading around $38,500 shortly.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the daily chart, bears could get the rate of Bitcoin (BTC) below $30,000, which means that a restest of $40,000 is just a matter of time and may happen by the end of the month if the selling volume remains low.

Bitcoin is trading at $34,050 at press time.

 

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Denys Serhiichuk

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@cryptocomes.com