Daily Bitcoin Price Analysis: Bitcoin Is Waiting For A New Impetus
Positive data on the US economy will strengthen the Dollar and have a negative impact on the price of Bitcoin.
Monday, January 25 2016, Bitcoin price began at the level of $397. Last Friday, due to higher raw material prices, we saw an uptrend in the stock and commodity markets that reversed the downtrend after the collapse of 20 January 2016. Moreover, on Friday the trend went up on profitable currency cross-rates. For this reason, today, January 25 2016, we should expect a continuation of the uptrend in global markets.
By the end of last week, Bitcoin price moved to $380, but later it strengthened to $400 on the weekend. We see no fundamental reasons for a further reduction of Bitcoin. However, investors took a cautious stance and are in no hurry to buy or sell Bitcoin. And first of all, this is due to the coming release of the Fed’s decision on interest rates on Wednesday, January 27 2016, as well as other important macroeconomic data publications coming from the US this week.
Positive data on the US economy will strengthen the Dollar and have a negative impact on the price of Bitcoin. Another reason for caution that investors should be considering is the sale of shares on the Chinese stock market, which has an impact on the growth prospects of the world economy.
Any surge in sales or purchases of Bitcoin could cause a reaction in the market and set the tone for the market in the next few days.
Today, January 25 2016, forward movement of Bitcoin prices in the range of $390 - $410 with a possible cross-border corridor of $10 is expected. The support level today is $380.While the level of resistance is $420.
This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell Bitcoins.