Bitcoin (BTC) Price Analysis: Upward Trajectory Resumed – 9 January 2024
Bitcoin (BTC/USD) is seeing a continuation of its upward trajectory, trading near multi-session highs in the Asian session. The pair broke above the 45000 level and reached the 45925.82 area, surpassing the recent relative high. This upward move triggered the activation of stops above the 44791.59 level, which represents the 78.6% retracement of the previous decline. The market’s upside price targets are now at the levels of 46105, 46487, and 49161. Bulls are also aiming for the 48647.72 level, which corresponds to the 61.8% retracement of the range from the all-time high to a low point.
Support and Resistance Levels
There are several areas of technical support and potential buying pressure for Bitcoin. These levels are at 39705, 38735, 37893, and 35857. During the recent sell-off, stops were triggered below the levels of 43719, 43037, 42356, 41386, and 40963 that align with the price around 45925.82. Large stops were also activated below the levels of 44026, 43986, 43528, 42788, 42047, 41143, and 41131, which are connected to recent selling pressure at the levels of 45925 and 45519. Traders are observing that the 4-hourly and hourly moving averages are indicating bullish signals for Bitcoin.
Technical Analysis and Price Levels
The 50-bar moving average (MA) on the 4-hourly chart is above the 100-bar MA and the 200-bar MA. Similarly, on the hourly chart, the 50-bar MA is also above the 100-bar MA and the 200-bar MA. The price is currently close to the 50-bar MA on the 4-hourly chart and the 50-bar MA on the hourly chart. Technical support is expected at levels of 37392.45, 36720.55, and 35633.00, with stops anticipated below them. On the other hand, technical resistance is expected at levels of 46487.10, 47108.16, and 48240.00, with stops expected above. On the 4-hourly and 60-minute charts, the SlowK is showing bullish indications above the SlowD, while the MACD is also bullish above the MACDAverage.
Hot Take: Bitcoin’s Upward Momentum Continues
Bitcoin’s price is continuing its upward trajectory, with several key levels being breached. The recent breakout above the 45000 level has triggered a series of stops, leading to further gains. Bulls are now eyeing higher price targets, while areas of support remain well-defined. Technical indicators are signaling bullish momentum, supporting the positive outlook for Bitcoin. As the crypto market evolves, traders and investors will closely monitor these developments to make informed decisions.
By
By
By
By
By
By