Bitcoin Faces $98,000 Resistance Amid Low Weekend Trading Volume
- Resistance Challenge: Bitcoin opened the weekend at $95,000, showing little movement due to low trading volumes, and despite a promising rally earlier in the week, it struggled to break through the significant resistance at $98,000 due to persistent selling pressure, indicating cautious market sentiment.
- Key Support Maintenance: As long as Bitcoin holds above the critical $94,000 mark, further attempts to surpass resistance remain plausible; however, low weekend trading volumes could jeopardize this support, potentially leading to a $400 million outflow by Friday.
- ETF Inflows: During the resistance tests on January 13 and 14, Bitcoin ETFs attracted over $1.5 billion in inflows, and despite increased market volatility, the overall influx for the week remains positive, reflecting investor optimism.
- Altcoin Recovery: While the broader market faces challenges, certain altcoins like LIT and CHZ have shown resilience, with LIT recovering above $2 and CHZ recording a 30% increase over the past week, suggesting selective recovery potential in the cryptocurrency landscape.
Get Real-Time Alerts for Any Crypto Movement
Technical Analysis for BTC
Technical Sentiment Analysis for Bitcoin (BTC) As of , Bitcoin (BTC) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 3 technical signals, shows that 0 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Bitcoin (BTC) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 36049.129 | 48024.564 | 60319.149 | 72294.584 | 84589.169 | 96564.604 | 108859.189 |
| Fibonacci | 48024.564 | 57295.712 | 63023.437 | 72294.584 | 81565.732 | 87293.457 | 96564.604 |
About BTC
About the author
