Bitcoin (BTC) Price Analysis:  Heightened Volatility Rattles Bulls – 4 January 2024

Bitcoin (BTC/USD) encountered additional volatility early in the Asian session as the pair awaited technical guidance following a precipitous decline to the 40625.68 area, representing a test of the 100-bar simple moving average on 12-hourly bars.  Stops were elected below the 43719, 43037, 42356, 41386, and 40963 areas during the depreciation after BTC/USD peaked around the 45925.82 area, a multi-month high dating to May 2022.  Large Stops were also elected below the 44026, 43986, 43528, 42788, 42047, 41143, and 41131 areas, downside price objectives linked to recent selling pressure around the 45925 and 45519 levels.  A recovery to the 42847 area after establishing multi-session lows was a test of the 42788 and 42815 levels, significant technical levels linked to interday selling pressure.  Above the market, upside price objectives remain the 46105, 46487, and 49161 levels. 

Bulls continue to eye 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 39705, 38735, 37893, and 35857 levels.  Traders are observi

Go to Source to See Full Article
Author: Sally Ho

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details