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The broader cryptocurrency market continued to see erratic and sideways price action on January 17, with ( ) seeing a mid-day drop to $41,650. On the market front, volumes remained thin and US financial markets were closed due to the Martin Luther King Jr Day celebration.
BTC/USDT 1-day chart. Source: TradingView Here’s what analysts have to say about Bitcoin’s price action and the potential impact of today’s correction on the BTC market structure.
There is significant resistance at $43,120. An analysis of the weekly Bitcoin price movement was provided by an anonymous cryptocurrency trader and Twitter user (NYSE: ‘Rekt Capital’), who posted the chart below showing that the cryptocurrency is trading near a well-established support and resistance area. .
Fusion Media or anyone involved with Fusion Media shall have no liability for loss or damage as a result of reliance on the information including statements, quotes, charts and buy/sell signals included on this website. Please be fully aware of the risks and costs associated with trading the financial markets, it is one of the riskiest forms of investment.
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