Bitcoin (BTC) price analysis for January 18th

The correction on the cryptocurrency market continues, according to the CoinMarkateCap ranking.

Bitcoin/USD

The price of Bitcoin (BTC) has fallen by 0.10% in the last 24 hours.

On the hourly chart, the BTC rate made a false break above the local support level of $42,344. If the daily bar closes away from that level, growth could lead to a test of the $42,700 area tomorrow.

On a longer time horizon, one should focus on the interim $42,000 level. If it were to break out, the accumulated energy could be enough for a further decline to the $40,000-41,000 zone.

On the weekly chart, BTC price is closer to support than resistance, which means sellers are trying to take the lead in the medium term.

If the candle closes below $41,200, a test of $40,181 could be expected next week.

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