Bitcoin (BTC) Price Analysis for January 12

Bears are back again, according to the CoinStats ranking.

BTC/USD

The price of Bitcoin (BTC) has fallen by 5% over the last 24 hours.

On the hourly chart, the price of BTC has settled below the local support of $45,255. As long as the price remains below this, sellers hold more power than buyers.

In this case, there is a high chance of seeing a further decline to the $44,000 area.

On the larger time frame, BTC has entered a bearish zone, with the price currently remaining below the $44,729 level. Should this trend persist, we may soon see the correction extend toward $43,000.

From the mid-term point of view, the price of BTC has rebounded from the resistance level of $47,897. If the weekly bar closes far from it, one can expect a continued downward move to the $41,000 area.

Bitcoin is trading at $44,385 at press time.

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