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Home»Analysis»Bitcoin price rises 5% and $48,000 now seems imminent
Analysis

Bitcoin price rises 5% and $48,000 now seems imminent

2024-01-09No Comments3 Mins Read
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Bitcoin price was able to break the USD 44,500 and USD 44,700 resistance levels. BTC is up over 5% and could soon attempt to head towards $48,000.

  • Bitcoin is gaining pace above the USD 45,500 resistance zone.
  • The price is trading above $45,000 and the 100 hourly Simple Moving Average.
  • There was a break above a key contracting triangle with resistance near $44,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue to rise towards the $48,000 level unless there is a close below $44,000.

Bitcoin price starts to rise again

Bitcoin price started a new rise above the USD 43,500 resistance zone. BTC gained bullish momentum above the $44,000 and $44,500 levels to move into a positive zone.

There was a break above a key contracting triangle with resistance near $44,000 on the hourly chart of the BTC/USD pair. The bulls pumped the price to a new multi-day high at $47,306 and the price is now consolidating gains.

Bitcoin is now trading above $45,000 and the 100 hourly Simple Moving Average. It is also above the 23.6% Fib retracement level of the upward move from the $43,208 swing low to the $47,306 high.

On the upside, immediate resistance is around the $47,000 level. The first major resistance is $47,200. A clear move above the USD 47,200 resistance could send the price towards the USD 48,000 resistance. The next resistance is now forming near the $48,800 level.

Bitcoin price

Source: BTCUSD on TradingView.com

A close above the USD 48,800 level could send the price further higher. The next major resistance is at $49,250. Any further gains above the $49,250 level could open the doors for a move towards the $50,000 level.

See also  Here's a rational Bitcoin price prediction for this cycle, according to trader who collapsed May 2021

Another drop in BTC?

If Bitcoin fails to rise above the USD 47,200 resistance zone, it could start a new decline. The immediate downside support is near the $46,400 level.

The next major support is near $45,900. If a move occurs below $45,900, the price could gain bearish momentum. In the mentioned case, the price could fall towards the $45,250 support or the 50% Fib retracement level of the upward move from the $43,208 swing low to the $47,306 high in the short term.

Technical indicators:

Hourly MACD – The MACD is now gaining speed in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major support levels – USD 46,400, followed by USD 45,250.

Major resistance levels – $47,000, $47,200 and $48,000.

Disclaimer: The article is for educational purposes only. It does not represent NewsBTC’s views on buying, selling or holding investments and of course investing involves risks. You are advised to conduct your own research before making any investment decisions. Use the information on this website entirely at your own risk.

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