Bitcoin Price Analysis: BTC Looks To Push Above $42,000 After Marginal Recovery 

Daily Bitcoin BTC Price Forecast

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Last Updated January 20th 2022
4 Min Read
  • The Bitcoin price has registered a marginal increase during the ongoing session. 
  • BTC has been quite bearish during the ongoing week and had dropped to $41,717 on Wednesday. 

The Bitcoin price has been quite bearish during the current week but has registered a marginal increase during the ongoing session, as buyers look to push BTC above $42,000. BTC had started the week on a fairly bearish note, dropping by almost 2% on Monday. On Tuesday, the price continued to push higher, registering a marginal increase, but fell back in the red on Wednesday, dropping by 1.62% and settling at $41,717 before recovering. 

Bitcoin Price Chart Indicates Buyers Looking To Push BTC To $42,000

The Bitcoin price had registered a marginal drop on Monday (0th), getting off to a slightly bearish start to the previous week. However, BTC recovered on Tuesday, rising by 2.31% and moving to $42,792. Wednesday saw BTC continue to push higher, rising over 2% to $43,722, before dropping back on Thursday, falling by 2.59% and settling at $42,591. The price remained in the red on Friday, registering a marginal drop, falling to $41,822.

Image: BTC/USD daily

BTC/USD daily chart 012022

The Bitcoin price started the weekend on a fairly positive note after Friday’s drop, rising by 1.59%  and moving to $43,146 on Saturday. However, the price fell back in the red on Sunday, dropping marginally and ending the weekend on a bearish note. On Monday, the price continued to fall back, dropping by 1.93% and settling at $42,287, before registering a marginal increase on Tuesday and settling at $42,403. The price fell back in the red on Wednesday, dropping to $41,717 before recovering during the ongoing session.

We can see that the Parabolic SAR is currently bullish, indicating that the price could push higher.

Looking at IntoTheBlock’s IOMAP for the Bitcoin price, we can see that BTC faces strong resistance at around $47,685. At this price level, over 1.9 million addresses have sold more than 851,000 BTC.

Image: IntoTheBlock 

BTC/USD volume chart 012022

The 4-hour Bitcoin price chart shows us that BTC had risen to $43,574 on the 15th. The price fell back from this level, dropping below the 20-bar SMA and falling to $42,716, where the 50-bar SMA acted as support. However, the price pierced this level of support, dropping considerably and falling to $41,577 on the 18th. BTC made a strong recovery from here, rising to $42,403 before dropping back to $41,308 on the 19th. The price recovered from this level and rose to $42,052 and then moved to its current level of $41,970.

The MACD has just flipped to bullish, indicating that we could see the price recover. 

Image: BTC/USD 4-hour

BTC/USD 4-hour chart 012022

Intel to Debut Energy-Efficient Bitcoin Mining ASIC

Semiconductor manufacturing behemoth Intel is slated to debut an energy-efficient Bitcoin ASIC called “Bonanza Mine” at the International Solid-State Circuits (ISSC) conference. Details about the $223 billion company’s upcoming foray into Bitcoin mining are scant. It is unclear whether Intel will present a viable product or unveil a prototype chip. 

The presentation of the ASIC will take place on Feb. 23. Intel has been working on its entry into the Bitcoin market for quite a while. In 2018, the US Patent and Trademark Office awarded the chip giant a patent for efficiently mining cryptocurrencies that use the SHA-256 algorithm.  

Per previous reports, Intel disclosed a small stake in leading cryptocurrency exchange Coinbase last August. In October, the company confirmed that it would not nerf Arc Alchemist GPUs to shoo away cryptocurrency miners, refusing to follow Nvidia’s suit.

Intel executive Raja Koduri said that GPUs were supposed to be used for gaming, not for mining in a December interview. He also teased the company’s new mining product:

"But being able to do much more efficient blockchain validation at a much lower cost, much lower power, is a pretty solvable problem. And you know, we are working on that, and at some point in time, hopefully not too far into the future, we will kinda share some interesting hardware for that."

Intel will have to face tough competition from Bitmain and MicroBT, the largest manufacturers of Bitcoin mining hardware. Bitcoin’s hashrate, the total computing power of the network, recently hit a new all-time high of 216 EH/s, according to data provided by Blockchain.com.

Bitcoin Price Is Expected To Reach These Levels

The Bitcoin price chart indicates that BTC has recovered during the current session. If the current sentiment persists, BTC could cross $42,000, moving towards $42,500.