Bitcoin

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   Dec 11, 2023 at 11:35 // Price 
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   <div class="avatar" style="background-image:url(/upload/resize_cache/iblock/42a/60_60_1/42aa5ec847dba7f5a2bce5378ae70614.png)"></div> <span>Author<br>Coin Idol </span> 
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 <p><strong>The Bitcoin (BTC) price has stalled after reaching the $45,000 resistance level.</strong></p> 
 <h2 style="text-align: justify;" id="long-term-forecast-for-the-bitcoin-price-bullish">Long-term forecast for the Bitcoin price: bullish</h2> 
 <p style="text-align: justify;"> On December 5, the largest cryptocurrency reached a high of $44,488 before falling back. On December 8, Bitcoin was rejected at a high of $44,699 after failing to break above the $45,000 mark. </p> 
 <p style="text-align: justify;"> Today, the Bitcoin price has retreated and found support above the 21-day simple moving average. In other words, at the time of writing, the value of BTC/USD stands at $42,182. Nonetheless, the current upswing is likely to continue as long as it remains above the 21-day SMA. Considering the current retracement, Bitcoin will rise above $47,000 if the current resistance level is broken. </p> 
 <h2 style="text-align: justify;" id="bitcoin-indicator-reading">Bitcoin indicator reading</h2> 
 <p style="text-align: justify;"> On the 4-hour chart, the cryptocurrency's price bars have slipped below the moving average lines. As a result, Bitcoin could fall even further. On the daily chart, the decline will start when the bears fall below the 21-day SMA support. The bearish momentum will continue above or below the 50-day simple moving average. This means the market will fall to a low of $37,500. </p> 
 <h3 style="text-align: justify;" id="technical-indicators">Technical indicators:</h3> 
 <p style="text-align: justify;"> <b>Key resistance levels – $30,000 and $35,000</b> </p> 
 <p style="text-align: justify;"> <b>Key support levels – $20,000 and $15,000</b> </p> 
 <p style="text-align: justify;"> <b><img width="1024" alt="BTCUSD_(Daily Chart) – Dec.11.jpg" src="https://cdn.thebittimes.com/images/2023/12/11/f6f5761f1e474f0d63c566deb0a4477c.webp" height="511" title="BTCUSD_(Daily Chart) – Dec.11, 2023"><br> </b> </p> 
 <h2 style="text-align: justify;" id="what-is-the-next-direction-for-btc-usd">What is the next direction for BTC/USD?</h2> 
 <p style="text-align: justify;"> Bitcoin is expected to break through the $45,000 resistance level after finding support above the moving average lines. During the break of the uptrend, Bitcoin was forced to trade sideways between the $40,000 and $44,500 price levels. The cryptocurrency is now trading in the middle of its price range. </p> 
 <p style="text-align: justify;"> <img width="1024" alt="BTCUSD_(4 -Hour Chart) – Dec.11.jpg" src="https://cdn.thebittimes.com/images/2023/12/11/debf28ff49d51dcbf3a8508fc6dc0bb9.webp" height="511" title="BTCUSD_(4 -Hour Chart) – Dec.11, 2023"><br> </p> 
 <p style="text-align: justify;"> <i><span style="color: #959595;">Disclaimer. This <a rel="dofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.</span></i> </p> 
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<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/bitcoin-price-pulls-back-as-it-hovers-above-the-42-000-support-level-tbt73321.html">https://thebittimes.com/bitcoin-price-pulls-back-as-it-hovers-above-the-42-000-support-level-tbt73321.html</a></p>

Bitcoin Price Pulls Back As It Hovers Above The $42,000 Support Level

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