Bitcoin Price Prediction: BTC/USD May Retrace Above $48,000 Level

Bitcoin Price Prediction – January 1

The Bitcoin price prediction shows BTC moving from the opening price of $46,211 as the buying interest may increase on approach to $48,000.

BTC/USD Long-term Trend: Bearish (Daily Chart)

Key levels:

Resistance Levels: $52,000, $54,000, $56,000

Support Levels: $43,000, $41,000, $39,000

BTC/USD is moving sideways as the coin establishes a cross above $47,000 but currently rebounding to retest previous resistance at $48,000. The buyers may continue to look for some resistance levels by crossing above the 9-day and 21-day moving averages on its way to the upper boundary of the channel and the path of least resistance appears to the upside in the near term amid a favorable bullish technical setup.

Bitcoin Price Prediction: BTC Price May Reclaim $48,000 Resistance

In the past few hours, after the Bitcoin price begins the upward movement, the king coin is now facing the resistance level of $47,500 and looking forward to reclaiming the resistance level of $48,000. However, the daily chart reveals that if the 9-day moving average remains above the 21-day moving average, this will confirm the next direction that the coin will follow. In other words, BTC/USD may decline if the $45,000 support breaks down but the price could rise if the $48,000 resistance is reached.

At the time of writing, the technical indicator Relative Strength Index (14) remain above 40-level to indicate a bullish movement. Therefore, if the Bitcoin price crosses above the moving averages, it could hit the resistance levels of $52,000, $54,000, and $56,000 but any movement towards the lower boundary of the channel could hit the supports at $43,000, $41,000, and $39,000.

BTC/USD Medium-Term Trend: Ranging (4H Chart)

According to the 4-hour chart, the Bitcoin price is seen rising above the 9-day and 21-day moving averages as the technical indicator Relative Strength Index moves close to 50-level. From above, if the Bitcoin price stays above the moving averages, the bullish influence could spike and the accrued gains massively.

However, the current candle could retreat below the moving averages and may target the support level of $46,000 and below but the best the bulls can do is to hold above the resistance level of $47,000 and keep their attention on breaking the potential resistance at $49,000 and above.

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