Rally

Bitcoin

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-faces-rejection-despite-positive-developments/" data-wpel-link="internal">Bitcoin Faces Rejection Despite Positive Developments</a><br></p>
<p style="text-align: justify"><strong><a href="https://en.coin-turk.com/bitcoin-the-apple-of-the-cryptocurrency-era-says-fidelity-global-macro-director/" data-wpel-link="internal">Bitcoin</a></strong> faced a significant rejection and a notable 17% drop in price despite positive developments like the approval of Bitcoin spot ETFs by the U.S. Securities and Exchange Commission.</p> 
<h2 id="potential-for-a-bitcoin-rally">Potential for a Bitcoin Rally</h2> 
<p style="text-align: justify">However, as the cryptocurrency approaches a critical support area, there is potential for a new upward movement. An examination of the daily chart shows that Bitcoin’s attempt to surpass the significant $48,000 resistance was rejected, leading to a 17% drop towards the critical support zone. This zone includes the mid-boundary of the rising channel and the important 200-day moving average at $39,000, serving as a strong support for Bitcoin buyers.</p> 
<p style="text-align: justify">If the pullback continues, the cryptocurrency’s price is expected to find support around $39,000 and potentially trigger a new upward movement. Nevertheless, an unexpected break below the 200-day moving average could lead to a cascade, triggering a significant number of stop-loss orders and a prolonged squeeze event.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-305467 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/01/btc-3.webp" alt="" width="958" height="603"></p> 
<h2 id="bitcoin-price-analysis">Bitcoin Price Analysis</h2> 
<p style="text-align: justify">In the 4-hour chart of the cryptocurrency, the rejection of the $48,000 resistance area continued, and a break below the lower boundary of the rising flag indicated the presence of sellers. However, after a strong break, a pullback towards the lower boundary of the flag is ongoing and could potentially complete a retracement.</p> 
<p style="text-align: justify">In such a case, the pullback could pave the way for Bitcoin’s short-term downward movement to continue, targeting the $39,000 static support range. However, Bitcoin’s medium-term outlook could indicate consolidation within the critical price range bounded by the significant $48,000 resistance area and the decisive $39,000 support. Additionally, a successful exit from this region could shed light on the cryptocurrency’s next bullish trend. Consequently, there is a possibility that the price may continue its upward trend after completing the current correction phase.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/bitcoin-faces-rejection-despite-positive-developments/" data-wpel-link="internal">Bitcoin Faces Rejection Despite Positive Developments</a></h5>

Bitcoin Faces Rejection Despite Positive Developments

Table of Contents

COINTURK NEWS

Other articles published on Jan 21, 2024

Anticipating Bitcoin’s Fourth Halving in 2024; Chainlink AI Competitor Explodes

Bitcoin Booms: Hash Rate Records Shattered, Bullish Signal Unleashed

Bitcoin Faces Significant Drop Despite Positive ETF Developments

Otherside Koda: Explore This Gaming NFT for a Great Experience

Why SOL and ADA Investors Are Buying Into the Pushd (PUSHD) Presale

BlackRock’s IBIT Becomes First Spot Bitcoin ETF To Reach $1B AUM

Join our free newsletter for daily crypto updates!