Bitcoin price analysis: BTC up by more than 2% this week, what’s next?

Bitcoin price analysis for this week has been a little optimistic. The world’s biggest cryptocurrency has seen some greens in the last few days and is overall up by somewhere around 2.3% this week.

So, let’s dive straight into the Bitcoin price analysis for Jan 15, 2022. The token has reclaimed a market cap above $800 billion, as data from CoinMarketCap claims. The trading volume fell by nearly 42.73% in the last 24 hours, which is not a good sign for a bullish prediction. 

On the other hand, the daily candle was initiated at a price of $43,059 and went to a daily high of $43,283, and is currently trading at near the price level of $42,900.

Despite this bearish and sluggish price movement, Bitcoin is equally popular. As per our previous reports, Morocco tops Bitcoin trading in North Africa, showing a rise in adoption.

Bitcoin price analysis on the daily chart

The Bitcoin price analysis on the daily chart shows that the token has been acting quite sluggish lately. A reason could be the Death Cross that has been witnessed as fear has engulfed the market. 

The 50-day and 100-day MAs continue to progress above the price action and act as important resistance levels. Investors need to watch out for them. On the other hand, the volumes have also died down. 

As per our Bitcoin price analysis, the world’s biggest cryptocurrency is trading near the lower end of the Bollinger Bands, and a breakout can be seen, which might hurt investors.

Bitcoin price analysisSource: TradingView

The MACD indicator is singing some other tune as the MACD line (blue) broke above the signal line (orange). This means that the world’s biggest cryptocurrency is showing conflicting signals.

Bitcoin price analysisSource: TradingView

Conclusion

Bitcoin is a very volatile asset, and TheCoinRise reported that as per billionaire Ray Dalio, you should invest 1-2% of your portfolio in the world’s biggest cryptocurrency. In all, the Bitcoin price analysis is comparatively optimistic as compared to our previous BTC analysis on Jan 11, 2022.

The post Bitcoin price analysis: BTC up by more than 2% this week, what’s next? appeared first on Blockchain, Crypto and Stock News.

Publication date: 
01/15/2022 - 14:06
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Disclaimer

The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.