Bitcoin (BTC) Price Prediction – January 6
At the time of this writing, Bitcoin is trading slightly above $36,000, having reached an intraday high of $36,500.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Resistance Levels: $40,000, $40,200, $40,400
Support Levels: $31,200, $31,000, $30,800
BTC/USD is on a steady way up and it seems that there is nothing holding it back from reaching the higher level. After a tumultuous day of trading today, the coin has just painted a new high for 2021 as it is currently trading at $36,303. The Bitcoin price spiked above $36,000 as the market remains above the 9-day and 21-day moving averages.
Will BTC Break above $40,000 Resistance?
The price of Bitcoin is trading comfortably near the upper boundary of the channel as the price establishes a new bullish signal. However, the long-term outlook now favors the bulls, given the daily close produced a large bullish engulfing candle with eyes now set on the daily resistances at $40,000, $40,200, and $40,400 respectively.
However, rejection at $36,500 could eventually lead to declines to the critical support below the 9-day moving average at $31,500. In case BTC drops and touches the low of $31,300 support, then the coin can rely on the long-term support levels at $31,200, $31,000, and $30,800. Moreover, the technical indicator RSI (14) now moves within the overbought region, suggesting more bullish signals.
BTC/USD Medium-term Trend: Bullish (4H Chart)
According to the 4-hour chart, the Bitcoin price is seen touching the daily high at $36,500. However, today’s price move happens to be the most impressive one as it climbs above the long-awaited resistance level of $36,000 with a sharp upsurge. More so, BTC/USD is now maintaining its bull-run above $36,350 as the RSI (14) moves above 70-level.
However, BTC may take a downward move if the bulls failed to push the price higher again. Therefore, the coin may breach below the 9-day and 21-day moving averages and could reach another support at $32,800 and below. Nevertheless, if the bulls find a decent resistance level of around $38,000, the coin may continue bullish movement above the channel at the resistance level of $38,600 and above.