Bitcoin Reaching The High Of $45,000 In January 2024

The Bitcoin (BTC) price is moving sideways and continues to encounter resistance at the high of $44,000. On January 2, BTC reaches $45,650.

Long-term forecast for the Bitcoin price: fluctuating

The largest cryptocurrency has fallen below the 21-day SMA twice and is currently above the 50-day SMA. Bitcoin will rise if the price breaks above the 21-day simple moving average and returns to the previous high of $44,700. 

On the other hand, Bitcoin is at risk of falling if it fails to break above the 21-day SMA. If buyers fail to sustain the price above the 21-day SMA, the crypto asset will fall above the 50-day SMA or the $40,400 floor. 

Meanwhile, the Bitcoin price is trading in the middle of the moving average lines. At the time of writing, it is worth $45,650.

Bitcoin indicator display

As Coinidol.com reported before, since December 26, Bitcoin has been trapped between the moving average lines. The cryptocurrency value will be forced to move between the moving average lines for a few days. Despite the sideways trend, the ascending moving average lines are pointing north.

Technical indicators:

Key resistance levels – $35,000 and $40,000

Key support levels – $30,000 and $25,000

What is the next direction for BTC/USD?

After the breakdown of the uptrend on December 5, Bitcoin has maintained its upward momentum by staying above the psychological price barrier of $40,000. 

The Bitcoin price is currently fluctuating between $41,000 and $44,000, with a long candlestick tail above the lower price range characterising the price action. The extended tail of the candlestick indicates strong support at a lower price level.

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do the research before investing in funds.