Bitcoin (BTC) Price Analysis:  Bounce Higher from 43072 – 10 December 2023

Bitcoin (BTC/USD) retained a positive technical bias early in the Asian session as the pair sought to build upon upward momentum that intensified around the 42846.53 area.  Bulls added to long positions around the 43072 area when BTC/USD tested the 23.6% retracement of the appreciating range from 36715.10 to 45000.  Stops were recently elected above the 42721.31 and 44481.98 levels during the ongoing appreciation, upside price objectives related to buying activity around the 15460 and 19568.52 areas.  The fresh 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.

Additional upside price objectives include the 46105, 46487, and 49161 levels, above which Stops are cited.  Following the recent appreciation, areas of technical support and potential buying pressure include the 40256, 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 bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly).

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Author: Sally Ho

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