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Bitcoin (BTC) Price Analysis for January 12


Bulls are giving bears no chance to seize the initiative, according to the CoinMarketCap ranking.

Top 10 coins by CoinMarketCap


The rate of Bitcoin (BTC) is growing much faster than other coins, rising by 4.34%.

BTC/USD chart by TradingView

On the hourly chart, the price has set the local resistance level at $18,284. At the moment, the price is located in the middle of the narrow channel, and there are low chances to see sharp moves by the end of the day as Bitcoin (BTC) has passed most of its daily ATR.

BTC/USD chart by TradingView

On the bigger time frame, the price has almost touched the resistance level at $18,373. Even though there was a correction, Bitcoin (BTC) remains bullish as the rate is above the support level at $17,853.

However, one should not expect a further upward move now as the main crypto needs some time to accumulate strength. Likewise, sideways trading in the range of $18,000-$18,300 is the more likely scenario for the next few days.

BTC/USD chart by TradingView

On the weekly chart, the price has once again made a false breakout of the mirror level at $18,157. However, if buyers can hold the rate around that mark by the end of the week, there is a possibility of seeing a breakout, followed by a rise to the $19,000 zone.

Bitcoin is trading at $18,089 at press time.


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