BTC/USD quotes are trading at 41805 and continue to move within the fall and bearish channel. Moving averages indicate a short-term bearish trend for Bitcoin. Prices are again testing the area between the signal lines, which indicates pressure from sellers of Digital Gold and a potential continuation of the fall in the value of the asset from current levels. As part of the cryptocurrency rate forecast for tomorrow, January 31, 2024, we should expect an attempt to develop a bullish correction in the value of the digital asset and a test of the resistance level near the 43445 area. From where we should again expect a downward rebound and an attempt to continue the fall of the Bitcoin rate with a target below the 36965 area.
Bitcoin Forecast for January 31, 2024
An additional signal in favor of a fall in BTC/USD quotes will be a test of the resistance line on the relative strength index (RSI). The second signal in favor of this option will be a rebound from the upper border of the bearish channel. Cancellation of the option to reduce the rate of the coin and the value of Bitcoin will be a strong increase in the value of the asset and a breakdown of the area of 44505. This will indicate a breakdown of the resistance area and continued growth of the Bitcoin rate with a potential target at the level of 47605. Confirmation of the fall in the price of the asset will be a breakdown of the support area with the price consolidating below the level of 40705 .
Bitcoin Forecast for January 31, 2024 assumes an attempt to test the resistance level near the area of 43445. And then, a continuation of the fall of the cryptocurrency with a potential target at the level of 36965. An additional signal in favor of a decrease in the Bitcoin rate will be a test of the resistance line on the relative strength index (RSI). Cancellation of the digital currency fall option will be a breakdown of the 44505 area. This will indicate continued growth of the coin with a potential target above the 47605 area.
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