Bitcoin Is In A Stalemate As It Is Stuck Below $45,000

Dec 26, 2023 at 12:54 // Price
Author
Coin Idol

Bitcoin's (BTC) price action is currently constrained by the 21-day SMA support and resistance at $44,700

Bitcoin Price Long Term Forecast: Bullish

Bitcoin (BTC) has maintained its range after hitting a high of $44,729 on December 8. In other words, since December 5, the BTC price has been capped by the overhead resistance of $45,000. On December 22, the largest cryptocurrency was rejected again at $44,444. Bitcoin fell above the 21-day simple moving average, but the bulls bought the dips. After the recent drop, Bitcoin has recovered above the 21-day SMA.

If Bitcoin rises and breaks through resistance at $44,700, the market will rally above the $45,000 high and the positive momentum will extend to the $48,000 high. However, if the bullish scenario proves false, Ether will fall. That is, if the price falls below the 21-day SMA support, it will first fall above the 50-day SMA or the low of $40,198. In the meantime, Bitcoin is worth $43,291 at the time of writing.

Bitcoin indicator reading

Bitcoin is in a bullish trend zone, with the price bars finding support above the 21-day SMA. Moreover, the current trend will continue if the bears break the 21-day SMA support. However, as long as the price bars remain above the moving average lines, the rise will continue.

Technical indicators:

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

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

BTCUSD_(Daily Chart) – Dec.25.png

What is the next direction for BTC/USD?

Bitcoin has started a sideways trend between $40,180 and $44,700 after being rejected at the $45,000 resistance zone. Nonetheless, the cryptocurrency value is now confined to a narrow band of $42,700 to $44,700. The Bitcoin price will evolve if these levels are breached.

BTCUSD_(4-Hour Chart) – Dec.25.png

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.

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