Bitcoin (BTC) Price Struggles to Push Higher Despite Positive Developments Under New US Administration

Bitcoin has struggled to push on since printing a fresh high on inauguration day of around 109356. Since then the world's largest cryptocurrency has been struggling to kick on with profit taking and caution likely to be the major factors.

Bitcoin price analysis shows a struggle to push on after printing a fresh high on inauguration day.

BTC/USD price failed to print a new all-time high despite positive news for the crypto industry.

A FOMC meeting could serve as the next catalyst for Bitcoin price movement.

Bitcoin (BTC) price analysis shows a struggle to push on after printing a fresh high on inauguration day. BTC/USD price failed to print a new all-time high despite positive news for the crypto industry. A FOMC meeting could serve as the next catalyst for Bitcoin price movement.

Bitcoin price analysis: Key trends

BTC price analysis shows a struggle to push on after printing a fresh high on inauguration day. BTC/USD price failed to print a new all-time high despite positive news for the crypto industry. A FOMC meeting could serve as the next catalyst for Bitcoin price movement.

Bitcoin price analysis: Recent developments

Bitcoin price analysis shows a struggle to push on after printing a fresh high on inauguration day. BTC price analysis shows a struggle to push on after printing a fresh high on inauguration day.

BTC/USD price failed to print a new all-time high despite positive news for the crypto industry. A FOMC meeting could serve as the next catalyst for Bitcoin price movement.

Bitcoin price analysis: Technical analysis

BTC/USD price analysis on the daily timeframe shows price stuck in the range between the psychological 100000 handle and the all-time highs around 109356.

We have been noticing quite a bit of whipsaw price action within the range with today’s price action being a prime example. Bitcoin hit a daily low around 101233 before bouncing aggressively to a daily high of 106848, a daily range of around $5000.

The daily timeframe being as messy as it is means a visit of a lower timeframe like the two-hour chart may be necessary.

Bitcoin (BTC/USD) Daily Chart, January 23, 2024

Dropping down to a H2 chart and as you can see below price action has also been messy with a series of lower highs and higher lows sending contradictory messaging.

We have had a breakout of the symmetrical triangle pattern in play on the H2 timeframe. Such a move should in theory lead to a rally to the upside.

The triangle mouth measures around $10,000 which would mean a rally of around $10,000 to the upside, which could see Bitcoin prices reach the 115000 mark should the pattern play out.

However, with so many narratives at play, there is no guarantee that such a move will play out.

Currently, price is pulling back on the H2 timeframe, with immediate support provided by the 50 and 100-day MAs resting at 104062 and 103054, respectively. A break below this could open a retest of the 100000 handle.

Alternatively, should bulls take charge, immediate resistance rests at the 105000 handle before the swing high at 🧃07000 comes into focus.

Bitcoin (BTC/USD) Two-Hour (H2) Chart, January 23, 2024