Bitcoin (BTC) Price Analysis: Small Consolidation After 47901 Peak
The price of Bitcoin (BTC/USD) has been consolidating after reaching a peak of 47901. This is a fresh high that hasn’t been seen since April 2022. The recent pullback led to stops being elected below the 44799.40 area, which represents a retracement level of 23.6%. However, there are still areas of technical support and potential buying pressure at levels like 42880, 42472, and 41329. On the upside, price objectives include areas like 47934 and 48466. Bulls are particularly interested in the 48647.72 area, which represents a retracement level of 61.8% from the all-time high.
Technical Indicators
Traders are noting that the moving averages on both the 4-hourly and hourly charts are indicating bullish signals. The price activity is closest to the 50-bar moving average on the 4-hourly chart and the 100-bar moving average on the hourly chart. The technical support levels to watch are around 42498.13, 40625.68, and 37321.80, with stops expected below them. On the other hand, technical resistance levels are at 48466.68, 51707.77, and 52121.96, with stops expected above.
Technical Analysis
Looking at the technical analysis, the SlowK indicator is bearishly below SlowD on the 4-hourly chart, while the MACD is bearishly below the MACD average. However, on the 60-minute chart, the SlowK indicator is bullishly above SlowD, while the MACD is bearishly below the MACD average.
Hot Take: Bitcoin Consolidating After Reaching Fresh Highs
The price of Bitcoin (BTC) has recently reached a fresh high of 47901, the highest since April 2022. After this peak, the price has been consolidating, with bulls eyeing higher price objectives. Traders are observing bullish signals from the moving averages, indicating potential buying pressure. Technical support and resistance levels are also being monitored. Overall, Bitcoin is in a phase of consolidation, and traders are eagerly waiting for the next move to see if the price will continue to rise or experience a pullback. Stay tuned for further updates on Bitcoin’s price action!
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