Bitcoin (BTC) Retains Gains, Approaching 45000 Level
Bitcoin (BTC/USD) is maintaining most of its recent gains, with the price remaining close to the 45000 level, which is its highest point since May 2022. Despite light trading liquidity due to the holidays, BTC/USD is still trading above the 42230 area, which represents a 50% retracement from its all-time high of 69000 to 15460. Bulls have pushed the price up to 43333.35, testing an upside price objective from buying pressure around 25983.78. On the downside, there are risks with price objectives around 40185 and 38773, as recent profit-taking activity triggered stops below the level of 41458.35. Technical support and potential buying pressure can be found at the 38998, 38028, 37321, and 35285 levels.
Technical Indicators
Traders are noting that the 50-bar MA (4-hourly) is indicating bearishness below the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly). On the hourly chart, the 50-bar MA is indicating bullishness above the 100-bar MA and the 200-bar MA. The price is currently closest to the 100-bar MA (4-hourly) at 42891.37 and the 50-bar MA (hourly) at 43778.79.
Support and Resistance Levels
Technical support is expected around 37392.45, 36720.55, and 35633.00, with stops expected to be triggered below those levels. On the other hand, technical resistance is expected around 46487.10, 47108.16, and 48240.00, with stops expected to be triggered above those levels.
Technical Analysis on Charts
Looking at the 4-hourly chart, the SlowK indicator is showing bullishness above SlowD, while the MACD is bearishly below the MACDAverage. On the 60-minute chart, the SlowK indicator is showing bullishness above SlowD, and the MACD is bullishly above the MACDAverage.
Hot Take: Momentum Favoring Test of 45000 Level
Bitcoin (BTC) has shown strong momentum and is approaching the key resistance level of 45000. The recent gains have been maintained, and despite light trading liquidity, the price remains above the 42230 area. Bulls have been successful in pushing the price higher, testing several upside price objectives. However, there are still downside risks, with potential price objectives below the current level. Traders are closely monitoring key technical indicators, and support and resistance levels for potential buying and selling opportunities. The current technical analysis suggests a bullish outlook, but traders should remain cautious and monitor market conditions closely.
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