Bitcoin Price Is On The Rise, But Pauses Below The $45,000 High

Dec 07, 2023 at 14:41 // Price
Coin Idol

The price  of Bitcoin (BTC) is in a strong trend after breaking through the second resistance zone. Bitcoin price analysis in this review by

Bitcoin price long-term forecast: bullish

At the first hurdle, the BTC price rose above the $38,400 and the $40,000 psychological mark. However, the bullish momentum stalled at the $42,000 high.

On December 5, the bulls broke through the resistance level and rose to a high of $44,490. Currently, the upward movement has stalled below the $45,000 resistance zone.

The reason for this is that the largest cryptocurrency is trading in the overbought area of the market. The BTC price has been hovering below the recent high for the last 48 hours in anticipation of a further upward push. However, if Bitcoin falls, it will drop above the 21-day SMA or the low at $42,138.

On the upside, the price has shown that Bitcoin can reach the high of $48,000 if the current resistance is broken.

Bitcoin indicator reading

Bitcoin price is rising above the 21-day simple moving average (SMA) as the uptrend continues. The cryptocurrency's support line is the 21-day SMA. The buyers are defending the 21-day SMA to maintain the current upswing. If the bears break the 21-day SMA, the current upswing will be over. The strong trend is currently reinforcing the uptrend of the moving average lines.

Technical indicators:

Key resistance levels – $30,000 and $35,000

Key support levels – $20,000 and $15,000

BTCUSD_(Daily Chart) – Dec.7.jpg

What is the next direction for BTC/USD?

After the initial obstacle at $42,000, Bitcoin has reached the resistance zone at $45,000. Bitcoin is currently in an overbought state as it remains below its recent high. The BTC price has remained stable as it fluctuates below the $45,000 resistance level. If this level is breached, the uptrend will continue.

BTCUSD_(4 Hour Chart) – Dec.07.jpg

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 Readers should do their research before investing in funds. 

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