2024

Bitcoin

Resistance

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   Jan 11, 2024 at 09:15 // 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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 </div> <img class="page-news__main-pic lazy-load-detail-picture" src="https://coinidol.comdata:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAQAAAC1HAwCAAAAC0lEQVR42mNkYAAAAAYAAjCB0C8AAAAASUVORK5CYII=" data-lazy-src="https://coinidol.com/upload/resize_cache/iblock/457/900_900_1/e2fpxukt1rw4wmhcaystfpc4v0aayw1v.jpg" width="900" height="563" alt="" title="">
 <p><strong>The price of Bitcoin (BTC) is rising steadily and is approaching its target price of 48,000 US dollars. The price of the cryptocurrency is rising and reaching a series of higher highs.</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;">The Bitcoin price rose to a high of $47,281 on January 8. Also on January 9 and 10, buyers drove Bitcoin to the $48,000 resistance area. The price of the cryptocurrency was pushed back, although it reached highs of $47,897 and $47,751. The candlesticks on January 9 and 10 showed long wicks after the coin was rejected. The wicks of the candle at the $48,000 resistance level show strong selling pressure. The largest cryptocurrency is worth $46,027 at the time of writing</p>
 <p style="text-align: justify;">Bitcoin can go much higher if it pulls back above the 21-day SMA. The price of the cryptocurrency is trying to move to the target price level but is fluctuating below the barrier at the high of $47,000. If the current resistance is broken, Bitcoin will rise above its high of $48,000. The bullish momentum is expected to peak at around $50,000.</p>
 <h2 style="text-align: justify;" id="bitcoin-indicator-display">Bitcoin indicator display</h2>
 <p style="text-align: justify;">The price bars have been consistently above the 21-day SMA, which is why Bitcoin has been rising. Bitcoin may rise due to the 21-day SMA support. On the other hand, if the price of the cryptocurrency falls below the 21-day SMA, it becomes less valuable. In addition, the upward moving average lines show that the current uptrend is in place.</p>
 <h3 style="text-align: justify;" id="technical-indicators">Technical indicators:</h3>
 <p style="text-align: justify;"><b>Resistance levels – $35,000 and $40,000</b></p>
 <p style="text-align: justify;"><b>Support levels – $30,000 and $25,000</b></p>
 <p style="text-align: justify;"><b><img width="1024" alt="BTCUSD_(Daily Chart) – Jan.11.jpg" src="https://cdn.thebittimes.com/images/2024/01/11/11eaa834eeeae36b975c14b28d885d17.webp" height="551" title="BTCUSD_(Daily Chart) – Jan.11, 2024"><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;">On the 4-hour chart, Bitcoin is in a clear uptrend and is moving towards the current barrier area. The uptrend has paused since January 8 around the $47,000 high. The largest cryptocurrency is trading above the 21-day SMA but below the $47,000 mark, suggesting that further gains are on the cards. Another sign of strong buying pressure is the long tail of the candle above the 21-day SMA support.<br></p>
 <p style="text-align: justify;">Coinidol.com reported previously that Bitcoin&nbsp;price was recovered back above the 21-day SMA or $43,000 support after a price dip on January 3. Bitcoin dropped by $40,383 on January 3 as a result of the market decline.&nbsp;</p>
 <p style="text-align: justify;"><img width="1024" alt="BTCUSD_(4-Hour Chart) – Jan.11.jpg" src="https://cdn.thebittimes.com/images/2024/01/11/584a719736b30ac3e5fe70b7ef4095b1.webp" height="551" title="BTCUSD_(4-Hour Chart) – Jan.11, 2024"><br></p>
 <p style="text-align: justify;"><i><span style="color: #959595;">Disclaimer. This <a rel="noopener noreferrer nofollow" 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 the research before investing in funds.</span></i></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-price-gradually-surpasses-its-original-target-of-48-000-tbt76294.html">https://thebittimes.com/bitcoin-price-gradually-surpasses-its-original-target-of-48-000-tbt76294.html</a></p>

Bitcoin Price Gradually Surpasses Its Original Target Of $48,000

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