Bitcoin

Resistance

Bitcoin price remained in a range above the $45,000 support. BTC failed to climb higher above the $48,000 resistance despite approval of spot ETF. 
<ul> 
 <li>Bitcoin is still struggling to clear the $47,800 and $48,000 resistance levels.</li> 
 <li>The price is trading above $45,600 and the 100 hourly Simple moving average.</li> 
 <li>There was a break above a major contracting triangle with resistance near $46,550 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could start a fresh decline if the bears continue to protect the $48,000 resistance.</li> 
</ul> 
<h2 id="bitcoin-price-upsides-capped">Bitcoin Price Upsides Capped</h2> 
Bitcoin price remained stable above the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-rejects-48k/" target="_blank" rel="noopener ">$45,500 resistance zone</a>. Finally, the SEC approved all 11 spot ETF. BTC did climb higher above the $46,500 and $46,600 resistance levels after the news. 
There was a break above a major contracting triangle with resistance near $46,550 on the hourly chart of the BTC/USD pair. However, the bears were still active near the $47,350 and $47,800 levels. A high was formed near $47,699 and the price is now showing a few bearish signs. 
There was a minor decline below the $47,000 level. Bitcoin declined below the 23.6% Fib retracement level of the recent increase from the $44,333 swing low to the $47,699 high. 
The price is now trading above $45,600 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-rallies-48k-imminent/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. On the upside, immediate resistance is near the $47,000 level. The first major resistance is $47,350. A clear move above the $47,350 resistance could send the price toward the $47,800 resistance. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-9.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-569021" src="https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-9.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-9.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-9.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-9.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-9.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-9.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-9.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-9.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 next resistance is now forming near the $48,000 level. A close above the $48,000 level could send the price further higher. The next major resistance sits at $49,250. 
<h2 id="another-decline-in-btc">Another Decline In BTC?</h2> 
If Bitcoin fails to rise above the $47,350 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $46,550 level. 
The next major support is $46,000 or the 50% Fib retracement level of the recent increase from the $44,333 swing low to the $47,699 high. If there is a move below $46,000, the price could gain bearish momentum. In the stated case, the price could drop toward the $45,150 support 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 – $46,500, followed by $46,000. 
Major Resistance Levels – $47,000, $47,350, and $47,800.

Bitcoin Price Stuck Below $48K Despite ETF Approval, Is This Bearish?

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