The post Bitcoin Price Prediction for Jan 23: Is a Drop to $91K on the Horizon? appeared first on Coinpedia Fintech News After the Bitcoin (BTC) price closed Wednesday in a black Marubozu candlestick, it is evident that the bearish outlook is gradually gaining ground. The flagship coin was rejected at a crucial resistance range between $107k and $109k, thus forming a short-term reversal pattern. Bitcoin Price Today In the four-hour time frame, Bitcoin price has been forming a possible head and shoulders (H&S) pattern , coupled with a falling divergence of the Relative Strength Index (RSI). In case of further short-term bearish sentiment, Bitcoin price will find a solid support range between $101k and $99.5k. In the daily time frame, a potential macro reversal pattern, characterized by a double top and bearish divergence, has been forming since early December 2024. In this regard, Bitcoin price could drop in the lower border of a horizontal channel around $91k. Conflicting Market Outlook Following the glamorous inauguration of pro-crypto US President Donald Trump Donald Trump Donald Trump is an American former president politician, businessman, and media personality, who served as the 45th president of the U.S. between 2017 to 2021. Trump earned a Bachelor of science in economics from the University of Pennsylvania in 1968. Trump won the 2016 presidential election as the Republican Party nominee against Democratic Party nominee Hillary Clinton while losing the popular vote. As president, Trump ordered a travel ban on citizens from several Muslim-majority countries, diverted military funding toward building a wall on the U.S.–Mexico border, and implemented a family separation policy. Trump has remained a prominent figure in the Republican Party and is considered a likely candidate for the 2024 presidential election President the cryptocurrency’s bullish outlook has significantly cooled down, possibly due to the sell-the-news narrative. Although long-term investors – led by MicroStrategy, and BlackRock – have continued to relentlessly accumulate more Bitcoins, short-term traders have continued to shift focus to the highly anticipated altcoin season. Meanwhile, tomorrow’s BoJ’s policy rate announcement among other high-impact news will likely guide traders on next week’s Federal Reserve’s interest rate policy change. The unpredictability of the Trump administration has increased the market complexity amid the recent higher-than-expected inflation data.
