- BTC price continues to show strength, rallying to a high of $23,900 before suffering some price rejection
- BTC fear and greed index hits 60% as more concern grows if there would be a pullback to $21,000
The price of Bitcoin (BTC) in recent January has shown much price action, rallying from a region of $16,700 to a high of $23,900 as the price faces resistance to break above the weekly 200 Exponential Moving Average (EMA).
With the sentimental BTC fear and greed index indicator hitting 60% over the past ten months, the price of BTC and other altcoins took a nose dive in their price. The price of BTC continues to look encouraging but with so many doubts about whether such a rally could continue into the new month or a bull trap as many anticipate.
Bitcoin Price Analysis On The Weekly Chart
The price of Bitcoin continues to look strong both on the low and high timeframe as the price attempts a retest of $24,500 to the region of $25,000, where the price could face more rejection to trend higher.
BTC’s price attempted to rally high past $23,900 ahead of its weekly close as the price was rejected to $23,600. The price of BTC trade at a current value of $23,660 as of writing this article as prices struggle to break the 200 EMA.
The price of $24,000 corresponds to the weekly 200 EMA acting as resistance for the price of BTC; the price of BTC needs to break this region for a chance to rally to a high of $30,000, and a possible relief bounces to the upside.
Bitcoin’s price continues to form what looks like an inverted head, and shoulder pattern, a breakdown in price to a region of $18,600 could ignite the completion of that pattern on the weekly chart.
BTC Weekly Resistance – $25,000
BTC Weekly Support – $18,600
Image from Istock, chart from Tradingview.com