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Bitcoin Price Prediction: BTC/USD Resumes Rally Above $41k as Bulls Target the $45k High

Bitcoin (BTC) Price Prediction – January 8, 2021
Today, BTC/USD price has returned above the $41,000 support while buyers and sellers continued to struggle for price possession. Before the recent upside momentum, the crypto rose to $34,873 but was repelled. Nevertheless, after three days of correction , the BTC price broke the resistance level and resume upside momentum.

Resistance Levels: $45,000, $46,000, $47,000
Support Levels: $35,000, $34,000, $33,000

BTC/USD – Daily Chart

Following the breakout at the $34,873 resistance zone, the coin made a strong upward move to the $36,000 high. The bulls pushed BTC above $36,000 resistance after two retests. The price momentum after breaking the $36,000 was very strong as BTC rallied to break the $38,000 resistance but faced rejection at the $40,000 high.The rejection at the $40,000 resistance plunged BTC to $36,000 low. Today, the upside momentum has resumed above the $36,500 support as buyers pushed BTC above the $38,000 and $40,000 resistance levels. The bullish momentum continued as BTC reached the high of $42,000 and pulled back. Analysts believe that Bitcoin’s upside momentum will reach a high of $45,000. They think that the king coin may face deeper correction because of the vertical rallies.

Investors Can Now Trade Bitcoin Futures without an Expiry Date
Equos, is a Singapore-based digital currency exchange that has announced the introduction of a new Bitcoin futures product without any settlement dates. The exchange is operated by Diginex. The launch of this product marks a substantial leap in the BTC derivatives market. The perpetual Futures contract is geared toward professional traders who have various risk profiles, with prices and liquidity provided by independent market makers. In contrast, the products of the traditional futures, is a perpetual futures contract do not have a fixed expiry or settlement date. The implication is that the user can hold the position for as long as they wish.

BTC/USD – 4 Hour Chart

Meanwhile, the price action is close to the Fibonacci tool analysis of the January 3 uptrend. A retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that the market will rise and reach level 2.618 Fibonacci retracement level. That is, Bitcoin will reach a high of $45,236.50.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.

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