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Home»EXCHANGE NEWS»Despite ETF approval, Bitcoin price remains stagnant below $48,000. Is this bearish?
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Despite ETF approval, Bitcoin price remains stagnant below $48,000. Is this bearish?

By Crypto FlexsJanuary 11, 20243 Mins Read
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Despite ETF approval, Bitcoin price remains stagnant below ,000.  Is this bearish?
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Bitcoin price remained ranged above the $45,000 support line. BTC failed to rise above the $48,000 resistance level despite the spot ETF approval.

  • Bitcoin is still struggling to break through the resistance levels of $47,800 and $48,000.
  • The price is trading above $45,600 and the 100-hour simple moving average.
  • On the hourly chart of the BTC/USD pair (data feed from Kraken), a break has occurred above the main contraction triangle with resistance near $46,550.
  • If the bears continue to defend the $48,000 resistance, the pair could begin a new downtrend.

Bitcoin price rise limited

Bitcoin price remained stable above the $45,500 resistance zone. Finally, the SEC approved all 11 cash ETFs. After the news broke, BTC rose above the $46,500 and $46,600 resistance levels.

On the hourly chart of the BTC/USD pair, a breakout occurred above a major contraction triangle with resistance near $46,550. However, bears are still active near the $47,350 and $47,800 levels. Highs were made near $47,699 and the price is currently showing some signs of weakness.

It fell slightly below the $47,000 level. Bitcoin fell below the 23.6% Fib retracement level from the recent swing low of $44,333 to a high of $47,699.

The price is currently trading above $45,600 and the 100-hour simple moving average. Meanwhile, immediate resistance is close to the $47,000 level. The first major resistance is at $47,350. A clear break above the $47,350 resistance may lead the price to move towards the $47,800 resistance.

Source: TradingView.com BTCUSD

The next resistance is currently forming near $48,000. The price could go higher beyond the $48,000 level. The next major resistance level is $49,250.

Another drop in BTC?

If Bitcoin fails to rise above the $47,350 resistance zone, it could begin a new downtrend. Immediate support for the downside is near the $46,550 level.

The next major support is $46,000, or the 50% Fib retracement level from the recent swing low of $44,333 to the high of $47,699. A break below $46,000 could see the price gain bearish momentum. If indicated, the price may decline towards the $45,150 support level in the near future.

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 – $46,500, then $46,000.

Key resistance levels – $47,000, $47,350 and $47,800.

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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