Bitcoin

Resistance

Bitcoin price is holding gains above the $45,000 resistance. BTC seems to be setting up for more gains above the $46,000 level in the near term. 
<ul> 
 <li>Bitcoin extended its increase and traded close to the $46,000 level.</li> 
 <li>The price is trading above $45,000 and the 100 hourly Simple moving average.</li> 
 <li>There is a key bullish flag forming with resistance near $45,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could start a fresh increase unless there is a correction wave below $44,800.</li> 
</ul> 
<h2 id="bitcoin-price-eyes-more-upsides">Bitcoin Price Eyes More Upsides</h2> 
Bitcoin price started a <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-starts-2024-bang-45k/" target="_blank" rel="noopener ">fresh increase</a> above the $44,000 and $44,500 resistance levels. BTC even broke the $45,000 level to move further into a bullish zone. 
A new multi-week high was formed near $45,900 and the price is now consolidating gains. There was a minor downside correction from the $45,900 level. The price dipped below the $45,500 level. It even tested the 23.6% Fib retracement level of the upward move from the $41,300 swing low to the $45,900 high. 
Bitcoin is now trading above $45,000 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-starts-2024-range/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. On the upside, immediate resistance is near the $45,300 level. There is also a key bullish flag forming with resistance near $45,300 on the hourly chart of the BTC/USD pair. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-2.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-567776" src="https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-2.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-2.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-2.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-2.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-2.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-2.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-2.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-2.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
Source: <a href="https://www.tradingview.com/symbols/BTCUSD/" target="_blank" rel="noopener nofollow">BTCUSD on TradingView.com</a> 
The first major resistance is $46,000. A close above the $46,000 level could send the price further higher. The next major resistance sits at $46,800. Any more gains above the $46,800 level could open the doors for a move toward the $48,000 level. 
<h2 id="more-downsides-in-btc">More Downsides In BTC?</h2> 
If Bitcoin fails to rise above the $45,300 resistance zone, it could start a downside correction. Immediate support on the downside is near the $44,800 level. 
The next major support is near $44,000. If there is a move below $44,000, there is a risk of more losses. In the stated case, the price could drop toward the $43,600 support or the 50% Fib retracement level of the upward move from the $41,300 swing low to the $45,900 high in the near term. 
Technical indicators: 
Hourly MACD – The MACD is now losing pace in the bullish zone. 
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. 
Major Support Levels – $44,800, followed by $44,000. 
Major Resistance Levels – $45,300, $46,000, and $46,800.

Bitcoin Price Seems Unstoppable As BTC Bulls Aim For $48K

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