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Home»EXCHANGE NEWS»Bitcoin price seems unstoppable as BTC bulls target $48K
EXCHANGE NEWS

Bitcoin price seems unstoppable as BTC bulls target $48K

By Crypto FlexsJanuary 3, 20243 Mins Read
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Bitcoin price seems unstoppable as BTC bulls target K
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Bitcoin price continues to rise above the $45,000 resistance line. BTC appears poised for further gains above the $46,000 level in the near term.

  • Bitcoin continued its upward trend, trading close to the $46,000 level.
  • The price is trading above $45,000 and the 100-hour simple moving average.
  • The hourly chart of the BTC/USD pair (data feed from Kraken) shows a major bullish flag forming with resistance near $45,300.
  • With no corrective wave below $44,800, the pair could start a new increase.

Bitcoin price to watch for further gains

Bitcoin price began a new rise above the $44,000 and $44,500 resistance levels. BTC broke the $45,000 level and moved further into bullish territory.

A new multi-week high was formed near $45,900 and the price is currently on an upward trend. There was a slight downward correction at the $45,900 level. The price fell below the $45,500 level. It also tested the 23.6% Fib retracement level from the $41,300 swing low to the $45,900 high.

Bitcoin is currently trading above $45,000 and the 100-hour simple moving average. On the other hand, immediate resistance is near the $45,300 level. There is also a major bullish flag forming with resistance near $45,300 on the hourly chart of the BTC/USD pair.

Source: TradingView.com BTCUSD

The first major resistance is at $46,000. The price could go higher once it breaks above the $46,000 level. The next major resistance level is $46,800. Any further gains above the $46,800 level could open the door for a move towards the $48,000 level.

Are there more downsides to BTC?

If Bitcoin fails to rise above the $45,300 resistance zone, a downward correction could begin. Immediate support for the downside is near the $44,800 level.

The next major support is near $44,000. A move below $44,000 risks further losses. If indicated, the price may decline in the near term towards the $43,600 support or the 50% Fib retracement level of the rise from the $41,300 swing low to the $45,900 high.

Technical indicators:

Hourly MACD – MACD is now losing speed in bullish territory.

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

Key support levels – $44,800, then $44,000.

Key resistance levels – $45,300, $46,000 and $46,800.

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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