BTC/USD Price Climbs Above $47,500
Bitcoin Price Prediction – January 4
The Bitcoin price prediction trades slightly above the $47,000 as the coin needs to climb above $48k to keep the bullish movement.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Resistance Levels: $50,000, $52,000, $54,000
Support Levels: $43,000, $41,000, $39,000
BTC/USD is likely to stay above $47,000 as the bulls may struggle to push the coin to higher levels above the 9-day and 21-day moving averages. However, for the Bitcoin price to remain above this level, the bulls need to make the $46,000 support level to be pretty strong.
Bitcoin Price Prediction: BTC/USD May Begin to Move Higher
The Bitcoin price is yet to cross above the 9-day and 21-day moving averages as the king coin may be settling in a tight range between $45,000 and $47,000 below the 9-day and 21-day moving averages. In addition, this current session is seeing Bitcoin and other major cryptos exchanging in a good tone. Meanwhile, the Bitcoin price and the daily candle are trading at $46,746 below the moving averages. The next resistance levels may be located at $50,000, $52,000, and $54,000.
However, if the Bitcoin price failed to cross above the 9-day and 21-day MAs; traders may see a price cut towards the lower boundary of the channel at $45,000 vital support. Therefore, a further low drive could send the price to $43,000, $41,000, and $39,000 supports. For now, the Relative Strength Index (14) is moving above 40-level, suggesting bullish signal into the market.
BTC/USD Medium-Term Trend: Ranging (4H Chart)
Looking at the chart, BTC/USD is clearly hovering within the 9-day and 21-day moving averages. A successful close above this barrier is a must for bullish acceleration. If not, there is a risk of a downside extension below the $46,500 support. If there is a downward move, initial support is near the $46,000 level and the main support is near the $45,500 level, below which there is a risk of another decline towards the lower boundary of the channel.
However, if the bulls push the coin above the channel, the $48,000 level is likely to act as a major hurdle in the near term for Bitcoin. So if there is an upside break above the $48,000 resistance, the next stop for the bulls may perhaps be near the $48,500 and above. On the contrary, the Relative Strength Index (14) is below 50-level, which indicates sideways movement.
Looking to buy or trade Bitcoin (BTC) now? Invest at eToro!
68% of retail investor accounts lose money when trading CFDs with this provider