Bitcoin (BTC) Price Analysis: Bulls Struggle to Surpass 43147 Resistance Level on 21 December 2023

Bitcoin (BTC) Price Analysis: Close Above 43147 Eluding Bulls – 21 December 2023

Bitcoin (BTC/USD) was unable to break above the key level of 43137.30, which represents a 61.8% retracement of its recent decline. Technical trading was evident as BTC/USD fluctuated between the levels of 43461 and 41780, which are important downside objectives based on recent selling pressure. There are still risks of further declines, with downside targets at 40185 and 38773. On the upside, if Bitcoin manages to climb above the market, it could reach objectives at 46105, 46487, and 49161. Recent profit-taking caused a pullback to the 40256 level, triggering stop orders.

Bitcoin also breached several technical support levels during its decline, including 43044, 42583, 42159, 41835, 41087, 40619, and 40413. There is potential support at 38998, 38028, 37321, and 35285. Traders are observing bearish indications on the moving averages, with the 50-bar MA (4-hourly) below the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly). Similarly, the 50-bar MA (hourly) is below the 100-bar MA (hourly) and the 200-bar MA (hourly).

In terms of price activity, Bitcoin is currently trading near the 50-bar MA (4-hourly) at 42071.31 and the 100-bar MA (hourly) at 42085.21. There is expected technical support at levels of 37392.45, 36720.55, and 35633.00, with potential stops below those levels. On the other hand, technical resistance levels are anticipated at 46487.10, 47108.16, and 48240.00, with stops expected above. The analysis of slow stochastics and MACD on the 4-hourly and 60-minute charts also provide bullish and bearish indications.