{"id":34896,"date":"2024-01-09T03:53:44","date_gmt":"2024-01-09T07:53:44","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=34896"},"modified":"2024-01-09T03:53:44","modified_gmt":"2024-01-09T07:53:44","slug":"bitcoin-price-rallies-5-and-48k-now-seems-imminent","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2024\/01\/09\/bitcoin-price-rallies-5-and-48k-now-seems-imminent\/","title":{"rendered":"Bitcoin Price Rallies 5% and $48K Now Seems Imminent"},"content":{"rendered":"

Bitcoin price was able to clear the $44,500 and $44,700 resistance levels. BTC is up over 5% and might soon attempt a move toward $48,000.<\/em><\/p>\n

Bitcoin is gaining pace above the $45,500 resistance zone.
\nThe price is trading above $45,000 and the 100 hourly Simple moving average.
\nThere was a break above a key contracting triangle with resistance near $44,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to move up toward the $48,000 level unless there is a close below $44,000.<\/p>\n

Bitcoin Price Starts Fresh Increase<\/h2>\n

Bitcoin price started a fresh increase above the $43,500 resistance zone<\/a>. BTC gained bullish momentum above the $44,000 and $44,500 levels to move into a positive zone.<\/p>\n

There was a break above a key contracting triangle with resistance near $44,000 on the hourly chart of the BTC\/USD pair. The bulls pumped the price to a new multi-day high at $47,306 and the price is now consolidating gains.<\/p>\n

Bitcoin is now trading above $45,000 and the 100 hourly Simple moving average<\/a>. It is also above the 23.6% Fib retracement level of the upward move from the $43,208 swing low to the $47,306 high.<\/p>\n

On the upside, immediate resistance is near the $47,000 level. The first major resistance is $47,200. A clear move above the $47,200 resistance could send the price toward the $48,000 resistance. The next resistance is now forming near the $48,800 level.<\/p>\n

<\/a><\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

A close above the $48,800 level could send the price further higher. The next major resistance sits at $49,250. Any more gains above the $49,250 level could open the doors for a move toward the $50,000 level.<\/p>\n

Another Drop In BTC?<\/h2>\n

If Bitcoin fails to rise above the $47,200 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $46,400 level.<\/p>\n

The next major support is near $45,900. If there is a move below $45,900, the price could gain bearish momentum. In the stated case, the price could drop toward the $45,250 support or the 50% Fib retracement level of the upward move from the $43,208 swing low to the $47,306 high in the near term.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining pace in the bullish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n

Major Support Levels \u2013 $46,400, followed by $45,250.<\/p>\n

Major Resistance Levels \u2013 $47,000, $47,200, and $48,000.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price was able to clear the $44,500 and $44,700 resistance levels. BTC is up over 5% and might soon attempt a move toward $48,000.<\/em><\/p>\n

Bitcoin is gaining pace above the $45,500 resistance zone.
\nThe price is trading above $45,000 and the 100 hourly Simple moving average.
\nThere was a break above a key contracting triangle with resistance near $44,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to move up toward the $48,000 level unless there is a close below $44,000.<\/p>\n

Bitcoin Price Starts Fresh Increase<\/h2>\n

Bitcoin price started a fresh increase above the $43,500 resistance zone<\/a>. BTC gained bullish momentum above the $44,000 and $44,500 levels to move into a positive zone.<\/p>\n

There was a break above a key contracting triangle with resistance near $44,000 on the hourly chart of the BTC\/USD pair. The bulls pumped the price to a new multi-day high at $47,306 and the price is now consolidating gains.<\/p>\n

Bitcoin is now trading above $45,000 and the 100 hourly Simple moving average<\/a>. It is also above the 23.6% Fib retracement level of the upward move from the $43,208 swing low to the $47,306 high.<\/p>\n

On the upside, immediate resistance is near the $47,000 level. The first major resistance is $47,200. A clear move above the $47,200 resistance could send the price toward the $48,000 resistance. The next resistance is now forming near the $48,800 level.<\/p>\n

<\/a><\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

A close above the $48,800 level could send the price further higher. The next major resistance sits at $49,250. Any more gains above the $49,250 level could open the doors for a move toward the $50,000 level.<\/p>\n

Another Drop In BTC?<\/h2>\n

If Bitcoin fails to rise above the $47,200 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $46,400 level.<\/p>\n

The next major support is near $45,900. If there is a move below $45,900, the price could gain bearish momentum. In the stated case, the price could drop toward the $45,250 support or the 50% Fib retracement level of the upward move from the $43,208 swing low to the $47,306 high in the near term.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining pace in the bullish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n

Major Support Levels \u2013 $46,400, followed by $45,250.<\/p>\n

Major Resistance Levels \u2013 $47,000, $47,200, and $48,000.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-34896","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34896","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=34896"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34896\/revisions"}],"predecessor-version":[{"id":34902,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34896\/revisions\/34902"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=34896"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=34896"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=34896"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}