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Bitcoin (BTC) Price Analysis for January 27


The market is trading sideways on Friday as some coins are in the red zone, while others keep rising.

Top coins by CoinMarketCap


The rate of Bitcoin (BTC) has slightly fallen since yesterday, going down by 0.20%.

BTC/USD chart by TradingView

On the hourly chart, the price has bounced off the local support level at $22,883, which means that buyers are not going to give up. If the rise continues to the $23,000 mark, one can expect the breakout of the resistance at $23,087 tomorrow.

BTC/USD chart by TradingView

On the daily chart, the situation is mostly unchanged. The price of Bitcoin (BTC) keeps trading in the channel, accumulating power for a further move.

Traders can expect the next wave of growth if the candle fixes above the resistance at $23,362. Only in that case, the midterm growth can continue.

BTC/USD chart by TradingView

On the bigger chart, one should pay attention to the same mark of $23,362. In case a false breakout of it happens, there is a possibility to expect a fall to the nearest support zone of $22,000. Such a scenario is relevant until mid-February.

Bitcoin is trading at $22,883 at press time.


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