Bitcoin (BTC) Price Analysis: Breather After Testing 49161 Historical Technicals – 13 January 2024

Bitcoin (BTC) Price Analysis:  Breather After Testing 49161 Historical Technicals – 13 January 2024

Bitcoin (BTC/USD) took a respite early in the Asian session as the pair gave back some recent gains after rocketing higher to the 49102.29 area, its strongest print since late December 2021.  Bulls pushed BTC/USD sharply higher to multi-year highs and tested the 49161 area, an upside price objective related to buying pressure around the 15460 and 24900 levels.  Major Stops were elected above the 47934 area during the appreciation, an upside price objective related to buying pressure around the 24900 and 34758 levels.  Lighter Stops were triggered above the 48466 level during the climb, an upside price objective related to more recent buying pressure around the 34758 and 40625 levels. 

Bulls succeeded in finally electing Stops above the 48647.72 area, representing the 61.8% retracement of the depreciating range from the all-time high of 69,000 to 15460.  Upside price objectives include the 51701, 52121, 52971, and 53370 levels.  Following the move to new multi-year highs, areas of technical support and potential buying pressure include the 44863, 44626, 43863, 43390, and 41930 levels.  Traders are observing that the 50-bar MA (4-hourly) is bullishly indicating above the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly).  Also, the 50-bar MA (hourly) is bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly).

Price activity is nearest the 50-bar MA (4-hourly) at 44985.39 and the 100-bar MA (Hourly) 46250.43.

Technical Support is expected around 42498.13/ 40625.68/ 37321.80 with Stops expected below.

Technical Resistance is expected around 51707.77/ 52121.96/ 53370.28 with Stops expected above.  

On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.

On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.                                   

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