Bitcoin Price Analysis: Gaining Momentum in Early 2024
Bitcoin (BTC) is showing signs of extending its recent gains, reaching the 42778.74 area after strong buying pressure around 41300. In 2023, BTC/USD saw a significant gain of 156.3%, with December alone experiencing an 11.3% increase and a 57.5% expansion in the fourth quarter. The recent high at 45000 tested the 45278.22 level, a historical upside objective linked to previous advances. Above the current level, resistance areas are identified at 46105, 46487, and 49161, with potential buying pressure at 38998, 38028, 37321, and 35285. On the technical side, the bullish signaling of the 50-bar MA (4-hourly) above both the 100-bar MA (4-hourly) and the 200-bar MA (4-hourly) is noteworthy. Conversely, the hourly chart displays bearish signaling with the 50-bar MA falling below the 100-bar MA and the 200-bar MA.
Trade support is expected at 37392.45, 36720.55, and 35633.00, while resistance levels can be found at 46487.10, 47108.16, and 48240.00. Analyzing the moving averages on the 4-hourly chart, SlowK is bullish above SlowD, and MACD is bullish above MACDAverage. Meanwhile, on the 60-minute chart, SlowK is bearish below SlowD, while MACD remains bullish above MACDAverage.
Overall, Bitcoin is gaining momentum early in 2024, with upward price objectives and key support levels to watch.
Bitcoin (BTC) Price Analysis: Orbiting 42230 Technicals in Early 2024 – 2 January 2024
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