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Bitcoin (BTC) Price Analysis for January 7
Source: CryptoNewsNet Original Title: Bitcoin (BTC) Price Analysis for January 7 Original Link: According to CoinStats, the prices of the majority of coins are falling today.
BTC/USD
The rate of Bitcoin (BTC) has fallen by 2.37% over the last day.
On the hourly chart, the price of BTC keeps looking bearish. If the rate fixes below the local support at $91,302, traders may see a test of the $90,000 zone soon.
On the bigger time frame, the decline of the main crypto continues after a false breakout of the resistance at $94,652. At the moment, one should focus on the nearest level at $90,536.
If the candle closes below it, the accumulated energy might be enough for a move to the $89,000-$90,000 zone.
From the midterm point of view, the price of BTC has bounced off the resistance of $94,652. If buyers cannot seize the initiative and the candle closes far from that mark, traders may see a further correction.
Bitcoin is trading at $91,445 at press time.