Bitcoin

Resistance

Bitcoin price started another increase above the $46,500 resistance. BTC cleared the $47,800 resistance and spiked toward $48,000 before the bears appeared. 
<ul> 
 <li>Bitcoin topped near the $49,000 level and corrected gains.</li> 
 <li>The price is trading above $45,500 and the 100 hourly Simple moving average.</li> 
 <li>There is a key bullish trend line forming with support near $45,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could start a fresh decline if there is a move below the $45,600 support zone.</li> 
</ul> 
<h2 id="bitcoin-price-faces-rejection">Bitcoin Price Faces Rejection</h2> 
Bitcoin price attempted a <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-stuck-below-48k/" target="_blank" rel="noopener ">fresh increase</a> above the $46,800 and $47,200 levels. BTC even cleared the $48,000 resistance and spiked toward $49,000. A new multi-week high was formed near $49,000 before the price trimmed all gains. 
There was a sharp move below the $47,500 and $47,000 levels. The price even retested the $45,500 support zone. A low was formed near $45,619 and the price is now consolidating losses. 
Bitcoin is trading above $45,500 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-rejects-48k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. There is also a key bullish trend line forming with support near $45,900 on the hourly chart of the BTC/USD pair. On the upside, immediate resistance is near the $46,400 level and the 23.6% Fib retracement level of the downward move from the $49,000 swing high to the $45,619 low. 
The first major resistance is $47,300 or the 50% Fib retracement level of the downward move from the $49,000 swing high to the $45,619 low. A clear move above the $47,300 resistance could send the price toward the $48,200 resistance. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-10.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-569188" src="https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-10.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-10.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-10.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-10.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-10.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-10.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-10.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-10.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 $49,000 level. A close above the $49,000 level could send the price further higher. The next major resistance sits at $50,000. 
<h2 id="more-losses-in-btc">More Losses In BTC?</h2> 
If Bitcoin fails to rise above the $47,300 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $45,900 level and the trend line. 
The next major support is $45,500. If there is a move below $45,500, the price could gain bearish momentum. In the stated case, the price could drop toward the $44,450 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 below the 50 level. 
Major Support Levels – $45,900, followed by $45,500. 
Major Resistance Levels – $47,300, $48,200, and $49,000.

Bitcoin Price Struggles Below $48K, Why BTC Could Correct Lower

Table of Contents

NewsBTC

Other articles published on Jan 12, 2024

XRP Gears Up for a Potential Breakout

UBS steps into crypto, offering conditional Bitcoin ETF access

BRICS bank’s inaugural 2024 loan of $500m – Interpretations?

Did Bitcoin Hit a Market Top? Smart Whale Sold 2,742 BTC

Grayscale's XRP Move Sparks Hope, Will It Turn Bullish for the Coin?

South Korea Restricts Overseas Spot Bitcoin ETF Trading Amid Regulatory Woes

Join our free newsletter for daily crypto updates!