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The Bitcoin price analysis for Jan 21, 2022, suggests that the world’s biggest cryptocurrency might be in danger as it fell below $40K, a level not seen since a few months. BTC token has been down by more than 6% in the last 7 days, and it seems that there is more to come.
It seems that the prediction of TheCoinRise from Jan 18, 2022, in which we explained why BTC might fall to $40K, has come true.
The data from CoinMarketCap shows that the price of BTC at the time of writing is $39.6K, and the trading volume has dropped by 4.13% with a 4.45% decrease in the market cap. The dominance of the world’s biggest cryptocurrency has fallen to 40.50%.
On the other hand, the daily candle for today started off at $40.6K and reached a daily high of $41.1K falling to the daily low of $39.6K. It seems that Bitcoin might fall more if selling volumes continue to rise as investors might buy back at lower prices.
Bitcoin price analysis on the daily chart
After being stuck between $41K-$43K for long, as reported by TheCoinRise, Bitcoin has finally fallen below $40K. It seems that the volume was not enough to break the resistance near the $45K-$48K zone.
Our Bitcoin price analysis sees that the 50-day and 100-day Moving Averages are progressing above the price action, which means bears are in charge, and the downtrend is confirmed. Furthermore, the price action is aiming to break out from the lower end of the Bollinger Bands, making $45K, an important resistance, a distant dream for now.
Source: TradingView
The RSI indicator is moving towards the oversold region, which has always been a good buying zone BTC. If you have never invested in the crypto market, this might be a good time to invest in Bitcoin, as per our Bitcoin price analysis.
Source: TradingView
Conclusion
Bitcoin price analysis can be concluded on a bearish note for Jan 21, 2022. However, this is a good time to buy BTC at a discount. As pointed out by Ray Dalio, it is good to have 1-2% of your portfolio in Bitcoin, TheCoinRise reported.
The post Bitcoin price analysis: Bitcoin falls to below $40K, will it hold? appeared first on Blockchain, Crypto and Stock News.
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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.