Bitcoin

Resistance

Bitcoin price was able to clear the $44,500 and $44,700 resistance levels. BTC is up over 5% and might soon attempt a move toward $48,000. 
<ul> 
 <li>Bitcoin is gaining pace above the $45,500 resistance zone.</li> 
 <li>The price is trading above $45,000 and the 100 hourly Simple moving average.</li> 
 <li>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).</li> 
 <li>The pair could continue to move up toward the $48,000 level unless there is a close below $44,000.</li> 
</ul> 
<h2 id="bitcoin-price-starts-fresh-increase">Bitcoin Price Starts Fresh Increase</h2> 
Bitcoin price started a fresh increase above the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-plunge-imminent-42150/" target="_blank" rel="noopener ">$43,500 resistance zone</a>. 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 <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-faces-rejection-44500/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. 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 near the $47,000 level. The first major resistance is $47,200. A clear move above the $47,200 resistance could send the price toward the $48,000 resistance. The next resistance is now forming near the $48,800 level. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-7.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-568662" src="https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-7.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-7.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-7.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-7.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-7.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-7.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-7.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-7.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> 
A close above the $48,800 level could send the price further higher. The next major resistance sits at $49,250. Any more gains above the $49,250 level could open the doors for a move toward the $50,000 level. 
<h2 id="another-drop-in-btc">Another Drop In BTC?</h2> 
If Bitcoin fails to rise above the $47,200 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $46,400 level. 
The next major support is near $45,900. If there is a move below $45,900, the price could gain bearish momentum. In the stated case, the price could drop toward 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 near term. 
Technical indicators: 
Hourly MACD – The MACD is now gaining pace in the bullish zone. 
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. 
Major Support Levels – $46,400, followed by $45,250. 
Major Resistance Levels – $47,000, $47,200, and $48,000.

Bitcoin Price Rallies 5% and $48K Now Seems Imminent

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