Bitcoin (BTC) Price Analysis: Breather After Testing 49161 Historical Technicals – 13 January 2024

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Cryptodaily2024/01/12 17:19

By:Sally Ho

Bitcoin (BTC) Price Analysis: Breather After Testing 49161 Historical Technicals – 13 January 2024

Bitcoin (BTC/USD) took a respite early in the Asian session as the pair gave back some recent gains after rocketing higher to the 49102.29 area, its strongest print since late December 2021. Bulls pushed BTC/USD sharply higher to multi-year highs and tested the 49161 area, an upside price objective related to buying pressure around the 15460 and 24900 levels. Major Stops were elected above the 47934 area during the appreciation, an upside price objective related to buying pressure around the 24900 and 34758 levels. Lighter Stops were triggered above the 48466 level during the climb, an upside price objective related to more recent buying pressure around the 34758 and 40625 levels.

Bulls succeeded in finally electing Stops above the 48647.72 area, representing the 61.8% retracement of the depreciating range from the all-time high of 69,000 to 15460. Upside price objectives include the 51701, 52121, 52971, and 53370 levels. Following the move to new multi-year highs, areas of technical support and potential buying pressure include the 44863, 44626, 43863, 43390, and 41930 levels. Traders are observing that the 50-bar MA (4-hourly) is bullishly indicating above the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly). Also, the 50-bar MA (hourly) is bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly).

Price activity is nearest the 50-bar MA (4-hourly) at 44985.39 and the 100-bar MA (Hourly) 46250.43.

Technical Support is expected around 42498.13/ 40625.68/ 37321.80 with Stops expected below.

Technical Resistance is expected around 51707.77/ 52121.96/ 53370.28 with Stops expected above.

On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.

On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.

Sally Ho’s Technical Analysis
View Yesterday’s Trading Analysis

Disclaimer: Sally Ho’s Technical Analysis is provided by a third party, and for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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Powell stated that inflation still faces upward pressure in the short term, while employment is facing downside risks. The current situation is quite challenging, and there remains significant disagreement within the committee regarding whether to cut rates again in December; a rate cut is not a foregone conclusion. Some FOMC members believe it is time to pause. Powell also mentioned that higher tariffs are driving up prices in certain categories of goods, leading to an overall increase in inflation.

MarsBit•2025/10/31 16:23

Powell: Another rate cut in December is not a certainty, there are significant divisions within the committee, the job market continues to cool, and there is short-term upward pressure on inflation (full text attached)

Mars Morning News | Due to uncertainty over Federal Reserve rate cut expectations, the crypto market seeks support downward

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MarsBit•2025/10/31 16:21