Bitcoin price has been falling toward the $44,000-$45,000 support zone towards the end of the day and is roughly flat over the past 24 hours. Indicators suggest a possible price bounce. However, this could be limited toward the $55,000 resistance level.
Bitcoin has been stuck in a trading range for around one month after a near 20% drop in early December that firmly discouraged some buyers. Since the crash, the relative strength index (RSI) signaled a few oversold readings, although price gains have been muted compared to some prior signals.
Managing partner at Fairlead Strategies, a technical research firm, Katie Stockton also noticed counter-trend signals. These signals typically precede a price bounce.
A daily price close above $46,334 would confirm a positive signal, which would increase the possibility of a rise toward $55,644, according to Stockton. This would be excellent news for Bitcoin holders who have been awaiting a price increase since the current downward trends began.
Despite Bitcoin’s recent slump, NFTs and decentralised offerings have rallied in the New Year. Bitcoin competitor Ethereum has also been making moves with bullish trends that show signs of possible upward moves.
Innovation in the crypto space is also booming with a number of offerings in the line up for 2022. Samsung recently revealed plans to offer NFTs on their new TV models, which will open up the marketplace to new traders and make trading easier than ever.
Bitcoin’s low price has come as no surprise for many industry experts. It is common for the price of crypto to dip in the New Year as traders sell before buying into promising trades.
Bitcoin has been bouncing between $45K and $52K for around a month and holders are now keen for the coin to make a clear directional move.
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