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Bitcoin (BTC) Price Analysis for January 12
Source: CryptoNewsNet Original Title: Bitcoin (BTC) Price Analysis for January 12 Original Link: The market is mainly red at the beginning of the week, according to CoinStats.
BTC/USD
The rate of Bitcoin (BTC) has fallen by 0.32% since yesterday.
On the hourly chart, the price of BTC has made a false breakout of the local support at $90,244. If the daily bar closes far from that mark, one can expect a bounce off to the $92,000 range.
On the longer time frame, none of the sides is dominating, as the rate of the main crypto is far from key levels. The volume remains low, which means there are low chances of seeing sharp ups or downs.
In this case, sideways trading in the area of $89,000-$92,000 is the most likely scenario.
From the midterm point of view, the situation is similar. As neither buyers nor sellers have seized the initiative, traders are unlikely to see increased volatility soon.
Bitcoin is trading at $90,800 at press time.