Bitcoin (BTC) Price Analysis for January 17

Even though Saturday has started bearishly, most of the coins are back in the green zone, according to CoinStats.

BTC/USD

The price of Bitcoin (BTC) has risen by 0.8% over the last 24 hours.

On the hourly chart, the rate of BTC has made a false breakout of the local resistance at $95,537.

However, if bulls can hold the gained initiative and keep the price around that mark, one may see a test of the $95,700-$95,800 range tomorrow.

On the bigger time frame, the situation is less clear. The price of the main crypto is far from the main levels, which means traders are unlikely to witness sharp moves soon. All in all, one can expect consolidation in the narrow range of $95,000-$97,000 over the next few days.

From the midterm point of view, traders should pay attention to the weekly bar closure in terms of the $95,938 level. If the candle closes above that mark, the accumulated energy might be enough for a move to the $100,000 zone.

Bitcoin is trading at $95,513 at press time.