{"id":34941,"date":"2024-01-10T03:52:59","date_gmt":"2024-01-10T07:52:59","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=34941"},"modified":"2024-01-10T03:52:59","modified_gmt":"2024-01-10T07:52:59","slug":"bitcoin-price-rejects-48k-after-the-sec-drama-but-uptrend-still-intact","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2024\/01\/10\/bitcoin-price-rejects-48k-after-the-sec-drama-but-uptrend-still-intact\/","title":{"rendered":"Bitcoin Price Rejects 48K After The SEC Drama But Uptrend Still Intact"},"content":{"rendered":"

Bitcoin price jumped toward $48,000 after the hacked SEC account tweet. BTC trimmed all gains, but the uptrend support is still intact near $45,200.<\/em><\/p>\n

Bitcoin spiked toward the $47,800 and $48,000 resistance levels.
\nThe price is trading above $45,500 and the 100 hourly Simple moving average.
\nThere is a major contracting triangle forming with resistance near $46,800 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 $45,000.<\/p>\n

Bitcoin Price Faces Rejection<\/h2>\n

Bitcoin price started a fresh increase above the $45,500 resistance zone<\/a>. BTC gained bullish momentum above the $46,000 and $46,500 levels after the hacked SEC account tweet about the ETF approval.<\/p>\n

After clarification, there was a sharp rejection near the $48,000 zone. A high was formed near $47,988 before the price started a fresh decline. There was a move below the $47,000 and $46,500 levels. The price dived toward the $45,000 support.<\/p>\n

A low was formed near $44,828 and the price is now rising. It is back above the 23.6% Fib retracement level of the recent decline from the $47,988 swing high to the $44,828 low.<\/p>\n

Bitcoin is now trading above $45,500 and the 100 hourly Simple moving average<\/a>. There is also a major contracting triangle forming with resistance near $46,800 on the hourly chart of the BTC\/USD pair. On the upside, immediate resistance is near the $465,400 level. It is near the 50% Fib retracement level of the recent decline from the $47,988 swing high to the $44,828 low.<\/p>\n

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

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

The first major resistance is $46,800. A clear move above the $46,800 resistance could send the price toward the $47,200 resistance. The next resistance is now forming near the $48,000 level. A close above the $48,000 level could send the price further higher. The next major resistance sits at $49,250.<\/p>\n

More Losses In BTC?<\/h2>\n

If Bitcoin fails to rise above the $46,800 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $45,550 level.<\/p>\n

The next major support is $45,200. If there is a move below $45,200, the price could gain bearish momentum. In the stated case, the price could drop toward the $44,800 support in the near term.<\/p>\n

Technical indicators:<\/p>\n

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

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

Major Support Levels \u2013 $45,500, followed by $45,200.<\/p>\n

Major Resistance Levels \u2013 $46,400, $46,800, and $47,200.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price jumped toward $48,000 after the hacked SEC account tweet. BTC trimmed all gains, but the uptrend support is still intact near $45,200.<\/em><\/p>\n

Bitcoin spiked toward the $47,800 and $48,000 resistance levels.
\nThe price is trading above $45,500 and the 100 hourly Simple moving average.
\nThere is a major contracting triangle forming with resistance near $46,800 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 $45,000.<\/p>\n

Bitcoin Price Faces Rejection<\/h2>\n

Bitcoin price started a fresh increase above the $45,500 resistance zone<\/a>. BTC gained bullish momentum above the $46,000 and $46,500 levels after the hacked SEC account tweet about the ETF approval.<\/p>\n

After clarification, there was a sharp rejection near the $48,000 zone. A high was formed near $47,988 before the price started a fresh decline. There was a move below the $47,000 and $46,500 levels. The price dived toward the $45,000 support.<\/p>\n

A low was formed near $44,828 and the price is now rising. It is back above the 23.6% Fib retracement level of the recent decline from the $47,988 swing high to the $44,828 low.<\/p>\n

Bitcoin is now trading above $45,500 and the 100 hourly Simple moving average<\/a>. There is also a major contracting triangle forming with resistance near $46,800 on the hourly chart of the BTC\/USD pair. On the upside, immediate resistance is near the $465,400 level. It is near the 50% Fib retracement level of the recent decline from the $47,988 swing high to the $44,828 low.<\/p>\n

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

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

The first major resistance is $46,800. A clear move above the $46,800 resistance could send the price toward the $47,200 resistance. The next resistance is now forming near the $48,000 level. A close above the $48,000 level could send the price further higher. The next major resistance sits at $49,250.<\/p>\n

More Losses In BTC?<\/h2>\n

If Bitcoin fails to rise above the $46,800 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $45,550 level.<\/p>\n

The next major support is $45,200. If there is a move below $45,200, the price could gain bearish momentum. In the stated case, the price could drop toward the $44,800 support in the near term.<\/p>\n

Technical indicators:<\/p>\n

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

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

Major Support Levels \u2013 $45,500, followed by $45,200.<\/p>\n

Major Resistance Levels \u2013 $46,400, $46,800, and $47,200.<\/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-34941","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\/34941","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=34941"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34941\/revisions"}],"predecessor-version":[{"id":34949,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34941\/revisions\/34949"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=34941"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=34941"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=34941"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}