Bitcoin (BTC) Price Analysis:  Pullback Extended Below 42000 – 16 December 2023

Bitcoin (BTC/USD) extended its ongoing pullback early in the Asian session as the pair came off to the 41460.51 area after selling pressure intensified around the 43442.15 level.  Technical trading was evident when BTC/USD depreciated to the 41426.76 area, a test of a downside price objective related to selling pressure around the 44754 and 44049 levels.  Short-term downside risks persist with additional downside price objectives around the 41058, 40185, and 38773 areas.  The recent 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.  Above the market, upside price objectives include the 46105, 46487, and 49161 levels, above which Stops are cited. 

The recent profit-taking pullback represented a test of the 40256 area and Stops were elected below the 41458.35 level, a downside price objective related to recent selling pressure around the 44754 and 44049 areas.  Additional Stops were also triggered below some significant technical levels during the depreciation including the 43044, 42583, 42159, 41835, 41087, 40619, and 40413 areas.   Areas of technical support and potential buying pressure include the 38998

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Author: Sally Ho

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