Bitcoin (BTC) Price Analysis for January 6

Even though Saturday started bearish for the cryptocurrency market, some coins have already returned to the green zone.

BTC/USD

The rate of Bitcoin (BTC) has risen by 0.50% since yesterday.

On the hourly chart, the price of BTC looks bullish as it is on the way to test the local resistance level of $43,905.

If a breakout happens, the upward move may continue to the $44,200 area tomorrow.

A less positive situation is on the daily time frame. Neither bulls nor bears are ready to seize the initiative. In this case, ongoing sideways trading in the narrow range of $43,000-$44,500 is the more likely scenario for the next days.

From the midterm point of view, one should focus on the weekly candle closure in terms of the $44,729 level. If the bar closes near it, there is a possibility of a price blast to the $46,000-$47,000 zone.

Bitcoin is trading at $43,900 at press time.

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