Fresh Multi-Month High Above 45000: Bitcoin (BTC) Price Analysis – January 3, 2024
Bitcoin (BTC/USD) continues its upward momentum, reaching fresh 20-month highs around the 45925.82 level. The pair remains strong near the 42175.65 area, breaking the 45000 figure and removing technical resistance around 46105, 46487, and 49161. Large Stops were triggered above the 45278.22 level, an objective linked to historical upside moves. Bulls are now targeting the 61.8% retracement level at 48647.72, representing the range from the all-time high of 69,000 to 15460.
Support levels to watch include 43719, 43037, 42356, 41386, 40963, 39705, 38735, 37893, and 35857. Downside pressure may lead to objectives at 43657, 43207, 42358, 42052, 41556, 43830, 42375, 42032, 41607, and 40920. The 50-bar MA (4-hourly) and the 50-bar MA (hourly) both indicate bullish signals, while the 100-bar MA (4-hourly) and the 100-bar MA (hourly) are also bullish. The nearest price points are around 42970.63 and 43582.97.
Expect technical support around 37392.45, 36720.55, and 35633.00, with stops placed below. On the resistance side, levels to watch are 46487.10, 47108.16, and 48240.00, with stops placed above. The 4-hourly chart shows a bearish SlowK below SlowD, but a bullish MACD above MACDAverage. On the 60-minute chart, SlowK is bearish below SlowD, and the MACD is also bearishly below MACDAverage.
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