Bitcoin (BTC) Price Analysis for January 24

The cryptocurrency market might not have decided which way to move as some coins are in the red zone, while others keep rising.

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The price of Bitcoin (BTC) keeps rising, going up by 0.14% over the last 24 hours.

BTC/USD chart by TradingView

On the hourly chart, the price of Bitcoin (BTC) has bounced off the support level at $22,782, which means that bulls will not give so easily. If the candle fixes above that mark, the rise may continue to the interim point of $23,000 tomorrow.

BTC/USD chart by TradingView

The price is stuck in the channel on the daily time frame, between the support at $22,442 and the resistance at $23,362. If buyers cannot recover the price above the $23,000 zone soon, there are chances to see the fall to $22,000 until the end of the month.

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BTC/USD chart by TradingView

From the midterm point of view, one should focus on the $22,781 level. If the bar closes above it, that means that bulls are ready to keep the growth going to the $24,000-$25,000 zone.

Bitcoin is trading at $22,834 at press time.

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