- BTC price suffered a fresh decline in price as the price failed to break past the region of $24,000
- BTC price struggles to hold above the key region of interest for bears as the price could go lower if this region is lost
The price action for Bitcoin (BTC) price in January proved to be unimaginable as many speculated the price of BTC could have reached a bottom after the price rallied from the region of $15,800 to a high of $24,000 hitting over 40% in a month considering how tough the bear market has been for many traders and investors.
Despite the sentimental indicator for BTC fear and greed index hitting over 60% greed, many believed there could be a small push in the price for BTC to a region of $25,000 before its anticipated correction to a region of $22,500.
The Bitcoin (BTC) fear and greed index at the moment stands at neutral 48% after the price of BTC dropped by over 5% in the last 24 hours to a region of $21,800 as this looks critical considering a loss of this region could send the price to a low of $20,800.
Bitcoin (BTC) Price Analysis On The Daily Chart
The rumors circulating of the Security and Exchange Commission (SEC) planning to stop the staking of crypto assets led to the crypto market suffering price decline, as BTC dropped from a high of $22,800 to a region of $21,800 as price struggled to hold this key region.
The price of BTC needs to hold $21,800; if the price of BTC loses this region, we could see the price retesting a low of $20,800 to $19,000, which could be more favorable for bears to take control of the market. The price of Bitcoin needs to reclaim $22,500 for more relief bounce to be possible.
BTC Major Resistance On The Weekly Chart – $22,500
BTC Major Support On The Weekly Chart – $21,800
Image from Zipmex, a chart from Tradingview.com