Bitcoin Price Prediction January 4

The Bitcoin price prediction trades just above $47,000 because the coin must rise above $48k in order to maintain the bullish trend.

BTC/USD Long-term Trend Bearish (Daily chart)

These are the key levels

Resistance Levels: $50,000 - $52,000 - $54,000

Support Levels: $43,000, $41,000, $39,000

The BTC/USD will likely remain above $47,000, as the bulls may have difficulty pushing the coin higher than the 9-day or 21-day moving averages. The bulls must make sure that the $46,000 support level is maintained for Bitcoin to stay above this level.

Bitcoin Price Prediction: Bitcoin/USD May Begin To Move Higher

As the Bitcoin price has yet to surpass the 9-day or 21-day moving mean, the king coin might be settled in a narrow range of $45,000 to $47,000 below those 9-day or 21-day moving mean. This session also sees Bitcoin and other major cryptos trading in a positive tone. The daily candle and Bitcoin price are currently trading at $46,746 lower than the moving averages. The next resistance levels could be at $50,000, $52,000 and $54,000.

If the Bitcoin price does not cross the 9-day or 21-day MAs, traders could see a price drop towards the channel's lower boundary at $45,000 vital support. A further low drive could see the price reach $43,000, $41,000 and $39,000 support. The Relative Strength Index (14) has moved above 40-level for the moment, which suggests a bullish signal to the market.

BTC/USD Medium-Term Trend: Ranging (4H Chart)

The chart clearly shows that BTC/USD is hovering between the 9-day and 21 day moving averages. Bullish acceleration requires a close that is above this barrier. There is a possibility of a downside extension below $46,500. In the event of a downtrend, the initial support is at $46,000. The main support is at $45,500. Below which there is the possibility of another decline towards lower channel boundaries.

The channel is unlikely to be a significant hurdle for Bitcoin in the short term if bulls push it above that level. If the bulls can break the $48,000 resistance, then the next stop may be at $48,500 or higher. The Relative Strength Index (14) has a lower level of 50, which suggests sideways movement.

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By: Azeez Mustapha
Title: Bitcoin Price Prediction: BTC/USD Price Climbs Above $47,500
Sourced From: insidebitcoins.com/news/bitcoin-price-prediction-btc-usd-price-climbs-above-47500
Published Date: Tue, 04 Jan 2022 17:58:47 +0000