The cryptocurrency market has quickly changed to red, according to CoinStats.
Image by TradingViewBTC/USD
The rate of Bitcoin (BTC) has declined by 0.78% since yesterday.
Image by TradingViewOn the hourly chart, the price of BTC is approaching the local support at $95,753. If its breakout occurs, the decline may continue to the $95,000 zone tomorrow.
Image by TradingViewOn the longer time frame, traders should focus on the nearest level at $94,652. Until the rate is above that mark, buyers are controlling the situation on the market.
Moreover, the volume remains high, which means a further upward move is more likely than a price drop.
Image by TradingViewFrom the midterm point of view, the picture is similar. If the weekly candle closes above the $94,652 mark, traders may see a test of the $100,000 zone by the end of the month.
Bitcoin is trading at $95,883 at press time.
Source: https://u.today/bitcoin-btc-price-analysis-for-january-15
