• Bitcoin price prediction for today, January 6th reveals BTC/USD risks a fresh drop to $16,000 support.
• If bulls fail to push Bitcoin towards the upper boundary of the channel, it could begin another decline.
• If the Bitcoin price shows more bearish signs, it could break the major supports at $14,000, $12,000, and $10,000.
The Bitcoin price prediction for today, January 6th, indicates that BTC/USD is at risk of a fresh drop to the $16,000 support level. Bitcoin has been trading within the 9-day and 21-day moving averages, and if bulls fail to push it towards the upper boundary of the channel, it could begin another decline. If the Bitcoin price shows more bearish signs, it could break the major supports at $14,000, $12,000, and $10,000.
At the time of writing, the Bitcoin price is hovering around the $16,750 level, with a market cap of $323 billion and a circulating supply of 19.2 million BTC. The king coin is currently ranked at #1 on Coinmarketcap. Looking at the daily chart, the technical indicator Relative Strength Index (14) is moving below the 50-level, increasing the bearish movement.
If the Bitcoin price fails to gain strength above the channel and continues to show bearish signs, it could breach the $16,000 level, leading to further losses. If this happens, the price could drop to the key support levels of $14,000, $12,000, and $10,000. On the other hand, if the bulls regain their strength, the price could move above the upper boundary of the channel, leading to a possible bullish trend.
At this time, investors should be cautious when trading Bitcoin as the price could either move up or down in the coming days. It is important to note that the predictions and analysis provided in this article should not be taken as financial advice and traders should do their own research before making any investments.