2024

Bitcoin

Resistance

Bitcoin price is up over 5% and it cleared the $45,000 resistance. BTC is showing positive signs on rumors of spot ETF approval by the EOD. 
<ul> 
 <li>Bitcoin is gaining pace above the $44,000 and $44,400 resistance levels.</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 ascending channel with resistance near $43,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair is up over 5% after several rumors of BTC spot ETF approval by EOD.</li> 
</ul> 
<h2 id="bitcoin-price-rallies-above-45k">Bitcoin Price Rallies Above $45K</h2> 
Bitcoin price formed a base above the $41,200 level and started a <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-starts-2024-range/" target="_blank" rel="noopener ">fresh increase</a>. BTC cleared a few major barriers near $43,200 to enter a bullish zone. 
Several rumors circulating that spot ETF approval is possible by the end of today. The price is gaining pace on this rumor and broke the $44,000 level. There was also a break above a key ascending channel with resistance near $43,500 on the hourly chart of the BTC/USD pair. 
Bitcoin even cleared the $45,000 resistance. A new multi-week high is formed near $45,499 and the price is now consolidating gains. It is trading well above the 23.6% Fib retracement level of the upward move from the $41,300 swing low to the $45,499 high. 
Bitcoin is also trading above $45,000 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-faces-rejection-41550/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. On the upside, immediate resistance is near the $45,500 level. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-1.png?resize=1024%2C449"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-567627" src="https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-1.png?resize=1024%2C449" alt="Bitcoin Price" width="1024" height="449" srcset="https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-1.png?resize=1024%2C449?w=1950 1950w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-1.png?resize=1024%2C449?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-1.png?resize=1024%2C449?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-1.png?resize=1024%2C449?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-1.png?resize=1024%2C449?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-1.png?resize=1024%2C449?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-1.png?resize=1024%2C449?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 first major resistance is $46,000. A close above the $46,000 level could send the price further higher. The next major hurdle sits at $46,800. Any more gains above the $46,800 level could open the doors for a move toward the $48,000 level. 
<h2 id="are-dips-attracted-in-btc">Are Dips Attracted In BTC?</h2> 
If Bitcoin fails to rise above the $45,500 resistance zone, it could start a downside correction. Immediate support on the downside is near the $45,000 level. 
The next major support is near $44,500. If there is a move below $44,500, there is a risk of more losses. In the stated case, the price could drop toward the $43,500 support 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 – $45,500, followed by $46,800. 
Major Resistance Levels – $45,000, $44,500, and $43,500.

Bitcoin Price Starts 2024 With A Bang, Is ETF Approval Imminent?

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