Bitcoin (BTC) Price Analysis: 2023 Close Near Yearly High Within Reach – 23 December 2023
Bitcoin (BTC/USD) is continuing its upward momentum, with a 13% gain so far this month and a 162% gain for the year. The recent technical pressure pushed BTC/USD towards the 50% retracement level at 42570.78. Technical trading has dominated the market, with buying and selling pressure at significant levels such as 43461 and 41780. The recent high of 45000 tested the upside price objective at 45278.22, linked to past price advances. Above the market, the next price objectives are at 46105, 46487, and 49161. Downside risks remain, with price objectives at 40185 and 38773. Technical support levels include 38998, 38028, 37321, and 35285.
The moving averages indicate a bearish trend, with the 50-bar MA (4-hourly) below the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly). However, the 50-bar MA (hourly) is indicating bullishness above the 100-bar MA (hourly) and the 200-bar MA (hourly).
Key levels to watch are the 100-bar MA (4-hourly) at 42531.43 and the 50-bar MA (hourly) at 42974.81. Technical support is expected at 37392.45, 36720.55, and 35633.00, with stops expected below. Technical resistance is expected at 46487.10, 47108.16, and 48240.00, with stops expected above.
On the 4-hourly chart, the SlowK is bearish below SlowD, while the MACD is bullish above the MACDAverage. On the 60-minute chart, the SlowK is bullish above SlowD, while the MACD is bearish below the MACDAverage.
For more detailed analysis, you can view yesterday’s trading analysis by Sally Ho.
Hot Take: Bitcoin Maintains Upward Momentum
Bitcoin (BTC/USD) continues to experience positive price action as it remains on an upward trend. The cryptocurrency has seen substantial gains this month and throughout the year, reaching new milestones and setting upside price objectives. While there is the possibility of downside risks, the current technical indicators suggest that the bullish momentum may persist. Traders should closely monitor the moving averages and significant support and resistance levels for potential buying and selling opportunities. Overall, the outlook for Bitcoin remains optimistic, with the potential for the price to close near its yearly high by the end of 2023.
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