Bitcoin (BTC) Price Analysis: Renewed Action at 43377 Spurs Bulls

Bitcoin (BTC) Price Analysis: Renewed Action at 43377 Spurs Bulls – 24 December 2023

Bitcoin (BTC/USD) maintained its positive bias early in the Asian session as the pair encountered additional buying activity around the 43333.35 level, representing a test of an upside price objective related to buying pressure around the 25983.78 area. Recent upside technical activity at the 42575 area represented a test of the 50% retracement of the depreciating range from 45000 to 40150. The recent multi-month high around the 45000 figure represented a test of the 45278.22 level, an upside price objective linked to historical upside advances around the 3858 area. Above the market, upside price objectives include the 46105, 46487, and 49161 levels, above which Stops are cited.

Below the market, downside risks persist with additional downside price objectives around the 40185 and 38773 areas. Recent profit-taking activity saw Stops elected below the 41458.35 level, a downside price objective related to recent selling pressure around the 44754 and 44049 areas. Areas of technical support and potential buying pressure include the 38998, 38028, 37321, and 35285 levels. Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below 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 100-bar MA (4-hourly) at 42873.63 and the 50-bar MA (Hourly) 43745.91.

Technical Support is expected around 37392.45/ 36720.55/ 35633.00 with Stops expected below.

Technical Resistance is expected around 46487.10/ 47108.16/ 48240.00 with Stops expected above.

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

On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.

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