- 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).
Reading: Bitcoin Fear And Greed Index Hits “Greed” – Will $21,000 Be Retested?
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
![](https://i0.wp.com/btcgist.com/wp-content/uploads/2023/01/BTCUSDT_2023-01-30_09-33-10.png?resize=1024%2C673&ssl=1)
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