Bitcoin (BTC) Price Analysis: Preserving a 155%+ 2023 Gain – 30 December 2023

Bitcoin (BTC) Price Analysis: Preserving a 155%+ 2023 Gain – 30 December 2023

Bitcoin (BTC/USD) worked to reverse a slightly softer recent technical bias early in the Asian session as the pair bounced higher from the 42245.79 area, representing a test of the 50% retracement of the depreciating range from 69000 to 15460. The interday low around the 42176 area represented a test of the 76.4% retracement of the recent appreciating range from 41600.67 to 43830.34. Downside price objectives related to selling pressure around the 43657 and 43207 levels include the 42358, 42052, and 41556 areas, while downside price objectives linked to the 43830 area include the 42375, 42032, 41607, and 40920 areas. The recent relative 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 bullishly indicating above the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly). Also, the 50-bar MA (hourly) is bearishly indicating below the 200-bar MA (hourly) and above the 100-bar MA (hourly).

Price activity is nearest the 100-bar MA (4-hourly) at 42730.77 and the 100-bar MA (Hourly) 42888.49.

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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