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Home»EXCHANGE NEWS»Bitcoin Price Rebound 5% and $48K Now Looks Imminent
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Bitcoin Price Rebound 5% and $48K Now Looks Imminent

By Crypto FlexsJanuary 9, 20243 Mins Read
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Bitcoin Price Rebound 5% and K Now Looks Imminent
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Bitcoin price was able to clear the $44,500 and $44,700 resistance levels. BTC is up over 5% and may soon attempt a move towards $48,000.

  • Bitcoin is gaining speed above the $45,500 resistance zone.
  • The price is trading above $45,000 and the 100-hour simple moving average.
  • On the hourly chart of the BTC/USD pair (data feed from Kraken), there is a break above the main contraction triangle with resistance close to $44,000.
  • Unless the pair closes below $44,000, it could continue to rise towards the $48,000 level.

Bitcoin price begins a new rise

Bitcoin price started a new rise above the $43,500 resistance zone. BTC gained bullish momentum above the $44,000 and $44,500 levels, moving into positive territory.

On the hourly chart of the BTC/USD pair, a breakout occurred above a major contraction triangle with resistance near $44,000. The bulls pushed the price to its highest in several days at $47,306 and the price is currently continuing its upward trend.

Bitcoin is currently trading above $45,000 and the 100-hour simple moving average. It is also above the 23.6% Fib retracement level of the rise from the $43,208 swing low to the $47,306 high.

Meanwhile, immediate resistance is close to the $47,000 level. The first major resistance is at $47,200. A clear break above the $47,200 resistance may lead the price to move towards the $48,000 resistance. The next resistance is now forming near the $48,800 level.

Source: TradingView.com BTCUSD

The price could go higher if it breaks above the $48,800 level. The next major resistance level is $49,250. Any further gains above the $49,250 level could open the door for a move towards the $50,000 level.

Another drop in BTC?

If Bitcoin fails to rise above the $47,200 resistance zone, it could begin a new downtrend. Immediate support for the downside is near the $46,400 level.

The next major support is near $45,900. A break below $45,900 could see the price gain bearish momentum. If indicated, the price may decline in the near term towards the $45,250 support or the 50% Fib retracement level rising from the $43,208 swing low to the $47,306 high.

Technical indicators:

Hourly MACD – MACD is now picking up speed in bullish territory.

Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now above the 50 level.

Key support levels – $46,400, then $45,250.

Key resistance levels – $47,000, $47,200 and $48,000.

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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