The Bitcoin Price is Approaching $48,000
The price of Bitcoin (BTC) is steadily rising and getting closer to its target price of $48,000. The cryptocurrency has been experiencing a series of higher highs.
Long-term Forecast: Bullish
The Bitcoin price reached a high of $47,281 on January 8 and tested the $48,000 resistance area on January 9 and 10. Although it faced strong selling pressure and was pushed back, it still reached highs of $47,897 and $47,751. The current price is around $46,027.
If Bitcoin breaks above the 21-day SMA, it can go even higher. It is currently fluctuating below the $47,000 barrier but breaking this resistance level could lead to a rise above $48,000. The bullish momentum may peak at around $50,000.
Bitcoin Indicator Display
The price bars of Bitcoin have consistently remained above the 21-day SMA, indicating its upward trend. The support from the 21-day SMA has contributed to its rise. If the cryptocurrency falls below this moving average, its value decreases. The upward moving average lines confirm the current uptrend.
Technical Indicators:
Resistance levels: $35,000 and $40,000
Support levels: $30,000 and $25,000
What’s Next for BTC/USD?
On the 4-hour chart, Bitcoin is in a clear uptrend and is approaching the current resistance area around $47,000. Although there was a pause in the uptrend on January 8, with a high of $47,000, the cryptocurrency is still trading above the 21-day SMA, indicating potential further gains. The long tail of the candle above the 21-day SMA support shows strong buying pressure.
It was previously reported that Bitcoin price recovered above the 21-day SMA after a dip on January 3. The cryptocurrency dropped to $40,383 as a result of market decline.
Hot Take: Bitcoin Price Approaching Target Resistance
The price of Bitcoin is steadily rising and approaching its target resistance at $48,000. Despite facing selling pressure, the cryptocurrency has reached higher highs. If it breaks above the current resistance level and maintains its bullish momentum, Bitcoin could rise even further to around $50,000. Technical indicators suggest that the upward trend is still in place, with support levels at $30,000 and $25,000. On the 4-hour chart, Bitcoin is trading above the 21-day SMA and showing signs of strong buying pressure. Overall, the long-term forecast for Bitcoin’s price remains bullish.
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