Bitcoin Outlook for January 12: Key Resistance and Support Levels to Monitor

Bitcoin maintains its strength amid market fluctuations, presenting key resistance and support levels that could influence its trajectory for January 12.

Key Takeaways

Bitcoin has risen 1.3% as political tensions impact global markets.
The cryptocurrency is currently priced at around $91,726, showing resilience.
Key resistance is at $93,608 and support is found around $89,724.
A breakout above $94,854.40 could signal a major bullish phase for Bitcoin.
Monitoring trendlines will be crucial to predict future price movements.

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Bitcoin (BTC) experienced a 1.3% rise today, as increasing political tensions between President Trump and Federal Reserve Chairman Jerome Powell unsettled global markets. In contrast to slipping stock futures and the U.S. dollar, Bitcoin has shown resilience, indicating its potential as a safe-haven asset during uncertain periods. With Bitcoin priced at approximately $91,726, it showcases its stability within the $90K range, highlighting a critical moment in the maturation of the cryptocurrency market. This may signal an upcoming phase of increased Bitcoin dominance.

Bitcoin Price Analysis

The analysis of Bitcoin's 1-day chart from TradingView reveals significant price action, with Fibonacci levels marking important support and resistance zones. Currently, Bitcoin faces resistance from the upper Fibonacci level near $93,608.

Bitcoin Price Analysis

Historically, this level has proven to be a strong barrier, with a prior attempt to surpass it on January 5 resulting in a price decline. Should Bitcoin successfully exceed this resistance, the next target would likely be around $96,008, setting the stage for potential bullish movement.

On the support side, Bitcoin seems to have solid backing near the $89,724 mark, aligning with lower Fibonacci levels. This area has acted as a crucial floor during market corrections. If Bitcoin struggles to maintain its current momentum and slips below this support, the next crucial support level is positioned at $86,583. The MACD indicator indicates a strong upward trend, with the histogram reflecting positive momentum and the MACD line sitting above the signal line, suggesting further short-term gains. However, breaking below support levels could indicate a shift in market sentiment.

What to Expect Next for Bitcoin

As Bitcoin nears vital resistance levels, upcoming price movements could establish the course for its near-term outlook. Analyst Rayner Teo on X suggests that if Bitcoin breaks through the $94,854.40 resistance level, it may initiate the next bullish phase, potentially leading to further price increases.

Bitcoin Prediction

This price point has historically been significant, as previous efforts to breach it have led to reversals. If Bitcoin can overcome this resistance, increased buying interest may follow, possibly propelling Bitcoin to new heights.

Nonetheless, Teo emphasizes the importance of an upward trendline in dictating the trade's direction. If Bitcoin fails to sustain its upward trajectory and drops below this trendline, the bullish outlook could be jeopardized.

Disclaimer: This content is for informational purposes only and is not financial advice. The opinions expressed in this article may reflect the author's personal views and do not represent the opinion of The Crypto Basic. Readers should conduct thorough research before making any investment decisions. The Crypto Basic is not liable for any financial losses.