{"id":34980,"date":"2024-01-11T02:52:35","date_gmt":"2024-01-11T06:52:35","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=34980"},"modified":"2024-01-11T02:52:35","modified_gmt":"2024-01-11T06:52:35","slug":"bitcoin-price-stuck-below-48k-despite-etf-approval-is-this-bearish","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2024\/01\/11\/bitcoin-price-stuck-below-48k-despite-etf-approval-is-this-bearish\/","title":{"rendered":"Bitcoin Price Stuck Below $48K Despite ETF Approval, Is This Bearish?"},"content":{"rendered":"

Bitcoin price remained in a range above the $45,000 support. BTC failed to climb higher above the $48,000 resistance despite approval of spot ETF.<\/em><\/p>\n

Bitcoin is still struggling to clear the $47,800 and $48,000 resistance levels.
\nThe price is trading above $45,600 and the 100 hourly Simple moving average.
\nThere was a break above a major contracting triangle with resistance near $46,550 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start a fresh decline if the bears continue to protect the $48,000 resistance.<\/p>\n

Bitcoin Price Upsides Capped<\/h2>\n

Bitcoin price remained stable above the $45,500 resistance zone<\/a>. Finally, the SEC approved all 11 spot ETF. BTC did climb higher above the $46,500 and $46,600 resistance levels after the news.<\/p>\n

There was a break above a major contracting triangle with resistance near $46,550 on the hourly chart of the BTC\/USD pair. However, the bears were still active near the $47,350 and $47,800 levels. A high was formed near $47,699 and the price is now showing a few bearish signs.<\/p>\n

There was a minor decline below the $47,000 level. Bitcoin declined below the 23.6% Fib retracement level of the recent increase from the $44,333 swing low to the $47,699 high.<\/p>\n

The price is now trading above $45,600 and the 100 hourly Simple moving average<\/a>. On the upside, immediate resistance is near the $47,000 level. The first major resistance is $47,350. A clear move above the $47,350 resistance could send the price toward the $47,800 resistance.<\/p>\n

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

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

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

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

If Bitcoin fails to rise above the $47,350 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $46,550 level.<\/p>\n

The next major support is $46,000 or the 50% Fib retracement level of the recent increase from the $44,333 swing low to the $47,699 high. If there is a move below $46,000, the price could gain bearish momentum. In the stated case, the price could drop toward the $45,150 support in the near term.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now losing 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 $46,500, followed by $46,000.<\/p>\n

Major Resistance Levels \u2013 $47,000, $47,350, and $47,800.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price remained in a range above the $45,000 support. BTC failed to climb higher above the $48,000 resistance despite approval of spot ETF.<\/em><\/p>\n

Bitcoin is still struggling to clear the $47,800 and $48,000 resistance levels.
\nThe price is trading above $45,600 and the 100 hourly Simple moving average.
\nThere was a break above a major contracting triangle with resistance near $46,550 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start a fresh decline if the bears continue to protect the $48,000 resistance.<\/p>\n

Bitcoin Price Upsides Capped<\/h2>\n

Bitcoin price remained stable above the $45,500 resistance zone<\/a>. Finally, the SEC approved all 11 spot ETF. BTC did climb higher above the $46,500 and $46,600 resistance levels after the news.<\/p>\n

There was a break above a major contracting triangle with resistance near $46,550 on the hourly chart of the BTC\/USD pair. However, the bears were still active near the $47,350 and $47,800 levels. A high was formed near $47,699 and the price is now showing a few bearish signs.<\/p>\n

There was a minor decline below the $47,000 level. Bitcoin declined below the 23.6% Fib retracement level of the recent increase from the $44,333 swing low to the $47,699 high.<\/p>\n

The price is now trading above $45,600 and the 100 hourly Simple moving average<\/a>. On the upside, immediate resistance is near the $47,000 level. The first major resistance is $47,350. A clear move above the $47,350 resistance could send the price toward the $47,800 resistance.<\/p>\n

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

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

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

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

If Bitcoin fails to rise above the $47,350 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $46,550 level.<\/p>\n

The next major support is $46,000 or the 50% Fib retracement level of the recent increase from the $44,333 swing low to the $47,699 high. If there is a move below $46,000, the price could gain bearish momentum. In the stated case, the price could drop toward the $45,150 support in the near term.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now losing 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 $46,500, followed by $46,000.<\/p>\n

Major Resistance Levels \u2013 $47,000, $47,350, and $47,800.<\/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-34980","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\/34980","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=34980"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34980\/revisions"}],"predecessor-version":[{"id":34987,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34980\/revisions\/34987"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=34980"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=34980"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=34980"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}