The Bitcoin Price Continues to Encounter Resistance at $44,000
The price of Bitcoin (BTC) is currently moving sideways and facing resistance at the high of $44,000. Although on January 2nd, BTC briefly reached $45,650.
Long-Term Forecast for Bitcoin Price: Fluctuating
The largest cryptocurrency has fallen below the 21-day simple moving average (SMA) twice and is currently above the 50-day SMA. If the price breaks above the 21-day SMA and returns to the previous high of $44,700, Bitcoin will likely rise. However, if it fails to break above the 21-day SMA, there is a risk of a fall towards the 50-day SMA or the $40,400 floor.
Bitcoin Indicator Display
Since December 26th, Bitcoin has been trading between the moving average lines. Despite this sideways trend, the ascending moving average lines indicate a bullish outlook for the cryptocurrency.
Technical Indicators:
Key resistance levels: $35,000 and $40,000
Key support levels: $30,000 and $25,000
What’s Next for BTC/USD?
After breaking its uptrend on December 5th, Bitcoin has maintained its upward momentum by staying above the psychological price barrier of $40,000. Currently fluctuating between $41,000 and $44,000, Bitcoin’s price action shows strong support at lower price levels.
Hot Take: Bitcoin Price Faces Resistance at $44,000
The price of Bitcoin continues to face resistance at the $44,000 level. While it briefly reached $45,650 on January 2nd, the cryptocurrency is currently moving sideways. It is crucial for Bitcoin to break above the 21-day simple moving average to see a potential rise. Failure to do so may result in a fall towards the 50-day SMA or the $40,400 floor. Overall, Bitcoin’s price action indicates strong support at lower levels and a bullish outlook based on ascending moving average lines.
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