BTC Price Analysis January 2023

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BTC is a token of the Bitcoin platform. Its current price is around $22,960 at the time of writing, with a low of $15,599.05, and it has a market cap of 424 billion dollars.

BTC Coin Market Analysis 

BTC is currently around $22,960 by writing, with a low of $15,599.05. It reached a high of $48,086.84, and its current ranking is #1, according to CoinMarketCap. It has a total supply of 19,273,618 coins with a market volume of 25 billion dollars, whereas the market capitalization is 424 billion dollars at writing. 

After a few days of unpredictability, the cryptocurrency market experienced a dramatic shift as the bulls were overwhelmed by a tidal wave of red. Resulting of this, Bitcoin dropped below $23,000 due to a recent sell-off.

Bitcoin price currently stands at $23,084, with a surge of 5% in the last few days. The bulls have been pushing it higher to hit a new peak of $23,816 this month. However, its daily close has remained within the range of the previous five days as some profit-taking is happening in smaller time frames. Furthermore, the BTC is currently facing strong resistance at $24,000 and has already seen a 40% increase since the start of 2023. Hence, investors should consider increasing their stop losses to secure profits if there is a further dip in the market.

BTC Price Prediction

In the 1D timeframe, the price action of $BTC/USDT consolidates inside the descending triangle. Currently, the price is bouncing from the horizontal support zone of the descending triangle. 4EMA is also showing the bullish momentum of $BTC. We have to wait for a successful breakout or breakdown to confirm the next direction of BTC.

For any time, on-demand analysis on $BTC or any other coin can join our Telegram channel.

Btc Price Analysis
BTC Price Analysis

Closing Thoughts

The Crypto market is known for its volatile nature. According to the above analysis, the coins we discussed might prove to be profitable if other market conditions prevail favorably. We suggest you engage in adequate research before investing in any digital assets.

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