Bitcoin (BTC) Price Analysis: Solid Technical Support at Major Levels – 12 January 2024
Bitcoin’s price saw a renewed upward momentum as it moved above the 47000 level. Bids emerged around 45623.02, testing the 61.8% retracement of the previous range. Bulls pushed the price higher to 47488.92, and during a pullback, more buying pressure was observed around 46824. The recent high at 47901 tested the 47934 level, the strongest print since early April 2022.
Upside Price Objectives and Support Levels
Potential upside price targets for BTC/USD include the 48466, 49161, 51701, and 52121 levels. Technical support and potential buying pressure can be found at the 42880, 42472, 41329, 41214, and 40244 levels. Traders are keeping an eye on the 48647.72 level, which represents the 61.8% retracement of the previous range.
Bullish Technical Indicators
Traders note that the 50-bar MA (4-hourly) is indicating bullishness above the 100-bar MA (4-hourly) and the 200-bar MA (4-hourly). The 50-bar MA (hourly) is also bullishly indicating above the 100-bar MA (hourly) and the 200-bar MA (hourly).
Key Price Levels
The nearest 50-bar MA (4-hourly) is at 44769.61, and the nearest 50-bar MA (hourly) is at 46209.63.
Technical Support and Resistance
Technical support is expected around 42498.13, 40625.68, and 37321.80, with stops expected below. Technical resistance is expected around 48466.68, 51707.77, and 52121.96, with stops expected above.
Technical Indicators and Analysis
On the 4-hourly chart, SlowK is bullishly above SlowD, while MACD is bullishly above MACDAverage. On the 60-minute chart, SlowK is also bullishly above SlowD, and MACD is bullishly above MACDAverage.
Hot Take: Positive Outlook for Bitcoin
Bitcoin’s price analysis suggests a solid technical support at major levels and a positive outlook for BTC/USD. The recent upward momentum and the testing of higher levels indicate a bullish trend. Traders should keep an eye on the potential upside price targets and the levels of technical support and resistance. With the bullish indications from the moving averages and other technical indicators, Bitcoin continues to show strength in the market.
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