Bitcoin Price Attempts Recovery

January 31, OctaFX – Bitcoin is attempting to recover early week losses, after the number one cryptocurrency by market capitalization failed to break below the important $3,300 support level.

Price is now trading in descending price channel, with the $3,500 level topside resistance. Short-term range-bound trading action is expected in the BTCUSD pair until a clear breakout from the channel occurs.

BTCUSD Technical Prediction

  • The BTCUSD pair is only bearish while trading below the $3,300 level, key technical support is found at the $3,150 and $3,000 levels.
  • If the BTCUSD pair trades above the $3,500 level, key resistance is found at the $3,680 and $3,960 levels.


This article was provided by OctaFX. It should NOT substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

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