Bitcoin price today rose again during Wednesday’s trading session, as it looks like we’ll do everything we can to keep rising. Keep in mind that the 44,000 level has introduced a bit of resistance recently, but after that, I think the market could look forward to the $45,000 level because it is a large, complete and psychologically significant number, but the real target will be $47,500, as we saw on the weekly charts, as it represents a major resistance barrier.
At the bottom, the 20-day EMA provided a bit of support, and the 50-day EMA is heading towards price action as well. In this case, I think the market is likely to continue to find valuable buyers every time it falls, and I think it’s probably only a matter of time before it goes up. Keep in mind that liquidity will start to dry up a bit, especially from an institutional point of view, so we will have to look at this from the perspective of trying to find enough buyers or sellers to move the market.
However, it can cause irregular movement. Regardless, this is a scenario in which you need to look in only one direction, which is the higher trend. Bitcoin will continue to get a little support from central banking easing, especially in the US. As long as that’s the case, I think Bitcoin will continue to perform fairly well. Ultimately, you need a lot of liquidity so that people can go out and buy some of the riskiest assets on the planet, which is definitely Bitcoin.
In this case, buying at dips will be the strategy that most people continue to use, and I think we will reach the $47,500 level sooner rather than later.
Bitcoin price today balances between volatility and moving averages
Bitcoin Price Today The current oscillators in Bitcoin offer a diversified perspective. The Relative Strength Index (RSI) at 59, Stochastic at 52, the Commodity Channel Index (CCI) at 31, the Trend Index Average at 34, and the Awesome Oscillator at 2075 all indicate neutrality and a positive trend, indicating a balanced market. However, the momentum indicator points to an upward movement at -1016, in contrast to the bearish signal. of the convergence/divergence level of the moving average (MACD) at 1115, highlighting the market at a crossroads.
Moving averages offer a bullish outlook unanimously. From the 10-day Exponential Moving Average (EMA) at USD$42,310 to the 200-Day Long-Term Exponential Moving Average at USD$32,280, all exponential moving averages and simple moving averages (SMAs) recommend buying. This consensus across timeframes suggests a strong uptrend for BTC.
The daily chart shows an overall uptrend, moving from a low of $15,479 to a high of $44,729. This progress, marked by a strong recovery after a significant decline, supports the bullish sentiment. The recent pullback from the top signals a consolidation phase, and stable volume supports the sustainability of this trend..
The 4-hour chart provides a detailed view of Bitcoin’s price movement. Resistance near the $44,729 level, the latest high, characterizes the current market. The formation of higher lows indicates an uptrend line, which may provide support and indicate continued bullish momentum.
By combining these analyses, Bitcoin (BTC) appears to be going through a phase of cautious optimism. While oscillators point to a balanced market, moving averages and chart patterns tend towards bullish sentiment. Investors should be aware of potential resistance levels and watch for signs of consolidation or continuation of the upward movement.
Bitcoin price today and expectations to rise to $160k in 2024
The price of Bitcoin today is rising and a series of catalysts and historical behavior could push it as high as $160K in conjunction with a large-scale bull market set to start in 2024. According to a report published by the in-chain analysis firm CryptoQuant with COINOTAG on Wednesday, the expected demand from several spot exchange-traded funds (ETFs)) in the US, along with the next half and the impact of interest rate cuts on growth in broader stock markets, could push Bitcoin prices to at least $50,000 in 2019. Short-term .
The Bitcoin and cryptocurrency markets could have a positive year in 2024, and the main reasons are: 1. Market Valuation Cycle, 2. Network activity, 3. The price of Bitcoin halved, 4. Macroeconomic Perspective, 5. Bitcoin”. Immediate EDI approval, and 6. Effects of increased stablecoin liquidity
“Bitcoin’s on-chain valuation and network metrics show that Bitcoin is still in a bull market, and could target $160,000 over the medium term to reach the price peak in this cycle, $54,000 in the short term,” the analysts added.
Bitcoin usually rises after the events of the half, which automatically reduces the supply of new coins in the open market. Traders are likely to continue pricing in the next half, scheduled for April 2024.
On the other hand, seven major traditional financial players such as BlackRock and VanEck are in talks with the US Securities and Exchange Commission (SEC) regarding spot Bitcoin ETFs, and the ongoing mutual discussions are likely progressing positively.
Bitcoin price today rises and restores confidence to traders
Bitcoin price today rises as the BTC index fell by $44,031 as it sought to overcome the weekly range resistance on December 20 as BTC’s price strength competed with altcoins for supremacy.
After falling to nearly $40,000 at the start of the week, Bitcoin is back to make traders reconsider the possibility of a sharper downtrend. Commenting on the current market trend, the price of ETH fell by $ 2,254 Seeing the local bottom boosted the odds of BTC’s bullish trend continuing.
In recognition of where this short-term continuation could end, analyst Matthew Highland looked forward to new highs for 2023 above $46,000. The BTC is now at the top of the double-bottom reversal range
The accompanying chart highlighted the construction of the double bottom that includes $40K support during December.
His fellow trader Geely also agreed that Bitcoin seems “eager to hack,” describing the support retest as a “superficial pullback.” The current domestic rally, which marks the highest Bitcoin levels since April 2022, is $44,729 on Bitstamp.
Meanwhile, Bitcoin regained its lost market share, dominating the market by 53.8%, up 0.8% compared to the start of the week.
A breakout above this level will require a great deal of momentum, and that could be a bit challenging between now and the new year, but still, I think that will happen with enough time because of the momentum, and the fact that the Fed members have completely abandoned any kind of tightening.
