Search Inside Bitcoins

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

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

Bitcoin Price Prediction
Bitcoin Price Prediction

Join Our Telegram channel to stay up to date on breaking news coverage

Bitcoin Price Prediction – December 31

The Bitcoin price prediction rises for another bullish day as the technical indicator continues to move above 40-level.

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

Key levels:

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

Support Levels: $44,000, $42,000, $40,000

Bitcoin Price Prediction
BTCUSD – Daily Chart

BTC/USD is seen pushing the market price towards the 9-day and 21-day moving averages as the coin touches the daily high of $48,574 at the time of writing. The first digital asset is currently moving with a bullish momentum after a sustainable break above an important technical level.

Bitcoin Price Prediction: Bitcoin (BTC) May Break Higher

As the Bitcoin price continues to move towards the resistance level of $49,000, the first digital asset is likely to revisit the $50k again. However, the daily chart reveals that the technical indicator Relative Strength Index (14) is floating above 40-level, therefore, the bulls are likely to push the king coin to upside. Additionally, the price is yet to cross above the 9-day and 21-day moving averages, suggesting that BTC/USD could retreat towards $46,000, before attempting to break higher.

Moreover, the 9-day and 21-day moving averages may begin to edge higher, showing no significant bearish pressure for the time being. On the upside, a daily close above the upper boundary of the channel could lift the price to resistance levels of $52,000, $54,000, and $56,000. On the contrary, BTC/USD could retreat towards the lower boundary of the channel. Breaking below $45,000 could locate the critical supports at $44,000, $42,000, and $40,000 respectively.

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

According to the 4-hour chart, BTC/USD is currently in the ascending range of the medium-term outlook as the target market is keeping the support levels of $46,500, $44,500, and $42,500. Meanwhile, the bulls are gaining momentum with the support of a 9-day and 21-day moving averages as the buyers keep the position intact.

BTCUSD – 4 Hour Chart

Looking at the technical indicator Relative Strength Index (14), it shows that BTC price may begin to move downwards before a rebound could take place. Immediately after the market rebounds, the buyers may hit the resistance levels of $49,000, $51,000, and $53,000 respectively.

Looking to buy or trade Bitcoin (BTC) now? Invest at eToro!

68% of retail investor accounts lose money when trading CFDs with this provider

Read more:

Join Our Telegram channel to stay up to date on breaking news coverage

Read next