Bitcoin (BTC) Price Analysis: Bitcoin Scores 156%+ Gain in 2023 – 1 January 2024

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Cryptodaily2023/12/31 17:40

By:Sally Ho

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Bitcoin (BTC) Price Analysis: Bitcoin Scores 156%+ Gain in 2023 – 1 January 2024

Bitcoin (BTC/USD) retained most of its recent advances early in the Asian session as the pair continued to orbit the 42230 level, representing the 50% retracement of the depreciating range from the 45000 figure to the 40150 level. Following a 64.4% depreciation in 2022, BTC/USD scored a 156.3% gain in 2023 that was cemented by a 11.3% gain in December and a 57.5% expansion in the fourth quarter. The recent relative 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.

Below the market, downside risks persist with additional downside price objectives around the 40185 and 38773 areas. Downside price objectives related to recent selling pressure around the 43657 and 43207 levels include the 42358, 42052, and 41556 areas, while downside price objectives linked to the 43830 area include the 42375, 42032, 41607, and 40920 areas. Areas of technical support and potential buying pressure include the 38998, 38028, 37321, and 35285 levels. Traders are observing that the 50-bar MA (4-hourly) is bullishly indicating above the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly). Also, the 50-bar MA (hourly) is bearishly indicating below the 100-bar MA (hourly) and below the 200-bar MA (hourly).

Price activity is nearest the 50-bar MA (4-hourly) at 42940.59 and the 100-bar MA (Hourly) 42578.27.

Technical Support is expected around 37392.45/ 36720.55/ 35633.00 with Stops expected below.

Technical Resistance is expected around 46487.10/ 47108.16/ 48240.00 with Stops expected above.

On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.

On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.

Disclaimer: Sally Ho’s Technical Analysis is provided by a third party, and for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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