Bitcoin (BTC) Price Analysis: BTC Retains Gains from 2023
Bitcoin (BTC/USD) has maintained most of its recent gains, with the pair trading around the 42230 level. This level represents a 50% retracement of the previous range. After a significant depreciation in 2022, BTC/USD saw a gain of 156.3% in 2023, driven by an 11.3% gain in December and a 57.5% expansion in the fourth quarter. The recent high around the 45000 figure tested the 45278.22 level, which is an upside price objective based on historical advances. Upside price targets above the market include the 46105, 46487, and 49161 levels.
Downside Risks and Price Objectives
However, there are still downside risks for BTC/USD. Downside price objectives can be found around the 40185 and 38773 areas. Recent selling pressure around the 43657 and 43207 levels has established downside price objectives at 42358, 42052, 41556, 42375, 42032, 41607, and 40920 areas. Technical support and potential buying pressure levels include the 38998, 38028, 37321, and 35285 areas.
Technical Indicators
Traders are closely watching the 50-bar MA (4-hourly), which is indicating bullishness above the 100-bar MA (4-hourly) and the 200-bar MA (4-hourly). However, the 50-bar MA (hourly) is indicating bearishness below the 100-bar MA (hourly) and the 200-bar MA (hourly).
The current price activity is closest to the 50-bar MA (4-hourly) at 42940.59 and the 100-bar MA (hourly) at 42578.27.
Technical Support and Resistance Levels
Technical support is expected around 37392.45, 36720.55, and 35633.00, with stops expected below these levels. On the other hand, technical resistance can be found around 46487.10, 47108.16, and 48240.00, with stops expected above these levels.
Technical Analysis by Sally Ho
On the 4-hourly chart, SlowK is bullish above SlowD while MACD is bullish above MACDAverage. On the 60-minute chart, SlowK is also bullish above SlowD and MACD is bullish above MACDAverage.
For more detailed technical analysis, you can view Sally Ho’s Trading Analysis.
Hot Take: Bitcoin Maintains Gains with Upside Targets
Bitcoin (BTC) has successfully retained most of the gains it made in 2023, with a strong performance in December and the fourth quarter. The recent high around the 45000 figure tested an upside price objective, and there are further upside price targets above the market. However, there are still downside risks, and traders are carefully monitoring the technical indicators. As Sally Ho’s technical analysis suggests, BTC is currently showing bullish signals. With ongoing interest and potential buying pressure, Bitcoin remains in a favorable position with the possibility of reaching higher levels in the future.
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