Bitcoin (BTC) Takes a Breather After Testing Historical Technicals
The price of Bitcoin (BTC/USD) experienced a brief pause in the Asian session, retracing some of its recent gains after surging to its highest level since December 2021. Bulls drove the BTC/USD pair to multi-year highs, reaching the 49161 area, which is a key level influenced by buying pressure. Additionally, major stops were triggered above the 47934 area, while lighter stops were activated above 48466. The bulls successfully pushed past the 61.8% retracement level at 48647.72, with upside price targets now located at 51701, 52121, 52971, and 53370.
Technical Outlook and Support/Resistance Levels
The 50-bar MA (4-hourly), 100-bar MA (4-hourly), and 200-bar MA (4-hourly) are all indicating bullish signals. Similarly, the 50-bar MA (hourly) is also indicating a bullish trend. Key areas of technical support and buying pressure are at 44863, 44626, 43863, 43390, and 41930, while resistance can be seen at 51707.77, 52121.96, and 53370.28. The nearest MA levels are currently at 44985.39 and 46250.43 for the 50-bar MA (4-hourly) and 100-bar MA (hourly) respectively. Traders are advised to closely monitor the SlowK and MACD indicators on the 4-hourly and 60-minute charts.
Hot Take: Assessing Bitcoin’s Price Activity
Bitcoin’s price is in a temporary consolidation phase after reaching significant historical technical levels. The bullish momentum has driven the cryptocurrency to multi-year highs, with potential upside targets in sight. However, there are crucial support and resistance levels to watch, which may influence future price movements. Traders should pay close attention to the MA indicators and monitor the SlowK and MACD readings for more insights into possible market trends. As always, it is essential to stay informed on the latest technical analysis and market developments to make informed trading decisions.
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