Bitcoin (BTC) Price Analysis:  Fresh Multi-Month High Above 45000 – 3 January 2024

Bitcoin (BTC/USD) added to recent upside momentum early in the Asian session as the pair remained bid near fresh 20-month highs after reaching the 45925.82 area.   Strong upside activity from the 42175.65 area propelled BTC/USD decisively above the 45000 figure and removed some technical resistance below upside price objectives around the 46105, 46487, and 49161 levels.  Large Stops were elected above the 45278.22 level, an upside price objective linked to historical upside advances around the 3858 area.   Bulls are gunning for the 48647.72 area, representing the 61.8% retracement of the depreciating range from the all-time high of 69,000 to 15460. 

Following the new relative high, areas of technical support and potential buying pressure include the 43719, 43037, 42356, 41386, 40963, 39705, 38735, 37893, and 35857 levels.  Downside price objectives related to recent 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.   Traders are observing that the 50-bar MA (4-hourly) is bullishly indicating above

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Author: Sally Ho

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