The Bitcoin price prediction is falling again in a narrow channel, but buying interest could pick up if the price approaches $23,500.

Bitcoin Prediction Statistics Data:

• Bitcoin price now – $22,921
• Bitcoin market cap – $442.2 billion
• Bitcoin circulating supply – 19.2 million
• Bitcoin total supply – 19.2 million
• Bitcoin Coinmarketcap ranking – #1

BTC/USD Long-term Trend: Bearish (Daily Chart)

Key levels:

Resistance Levels: $26,500, $27,500, $28,500

Support Levels: $20,000, $19,000, $18,000

During the European session today, BTC/USD begins the day with the resistance level of $23,011 and it is likely to drop below the 9-day moving average if the bears increase the selling pressure. However, the psychological barrier of $23,500 still serves as the first important resistance within the market and a sustainable move above the upper boundary of the channel may likely take the price to the resistance level of $24,000.

Bitcoin Price Prediction: Will Bitcoin (BTC) Head to the Upside?

The Bitcoin price is seen hovering above the 9-day and 21-day moving averages. However, with the look of things, it is likely for the king coin to break below the 9-day moving average, which may increase the selling pressure. At the time of writing, BTC/USD is hovering at $22,921 and if this is cleared, the dips to $21,500 are likely to be bought, which means the overall bullish sentiments may prevail.

However, if the price moves below the mentioned support, $21,000 could come into focus which served as support during the previous consolidation period while the critical supports could be found at $20,000, $19,000, and $18,000. Looking at the upside, the first resistance may likely come at $24,000 if the king coin rebounded. Once this is done, $25,000 could come back into focus. Further bullish movement may hit the potential resistance levels at $26,500, $27,500, and $28,500 as the Relative Strength Index (14) moves within the overbought region.

BTC/USD Medium-term Trend: Ranging (4H Chart)

The 4-hour chart shows that the Bitcoin bears are still in play within the market keeping the Bitcoin price below the 9-day and 21-day moving averages. Although BTC/USD has not yet slipped below $22,000, it’s still in the loop of making a bounce back.

However, the Bitcoin price is moving sideways at the time of writing but the upward movement could push the price to the resistance of $25,000 and above while the immediate support lies at $21,500 and below. The Relative Strength Index (14) is moving below the 60-level, which indicates bearish movement.

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• Source: https://insidebitcoins.com/news/bitcoin-price-prediction-for-today-january-27-btc-usd-ranges-as-price-targets-24k-resistance