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Bitcoin (BTC) Price Analysis for January 29

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Denys Serhiichuk

How lengthy will rise of Bitcoin (BTC) proceed earlier than correction occurs?

The market retains rising on the final day of the week as many of the cash are within the inexperienced zone.

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The speed of Bitcoin (BTC) has gone up by 2.72% over the past 24 hours.

BTC/USD chart by TradingView

On the hourly chart, the worth has damaged the resistance degree of $23,498. If bulls can maintain the speed above that mark till the top of the day, the impulse could proceed to the $24,000 zone tomorrow.

BTC/USD chart by TradingView

On the larger time-frame, the worth is about to repair above the identical resistance at $23,500. The quantity is low, which implies that sellers should not highly effective sufficient to grab the initiative. If the candle fixes above the aforementioned mark, the collected vitality is likely to be sufficient for a transfer to the $25,000 zone.

BTC/USD chart by TradingView

A bullish scenario can be on the weekly chart because the bar is about to shut with no lengthy wicks, which implies that there’s a excessive probability to see a continued rise. If that occurs, the expansion could result in a check of the closest resistance at $25,512.

Bitcoin is buying and selling at $23,585 at press time.

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