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.

BTC/USD

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

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.

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.

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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