Bitcoin surged past the $44,700 resistance on January 2, yet this breakthrough turned out to be a price trap as it plunged on January 3. Buyers stepped in as prices dipped to the 50-day simple moving average ($40,938), showcasing robust bullish defense around the $40,000 mark. The exponential 20-day moving average traded sideways at ($42,855), while the Relative Strength Index (RSI) hovered around neutral, indicating restrained price action ahead. The range boundaries could be $40,000 and $45,879.
A significant drop below the $40,000 support would signal short-term bullish capitulation. This scenario might drive the BTC/USDT pair towards the next major support at $37,980.
Buyers regain control upon pushing the price beyond $45,879. Subsequently, the pair could rally towards $50,000.
The recent price movement indicates a delicate balance between bulls and bears, with $40,000 as a critical level to watch. Breaking below could see further downside, while surging past $45,879 could reignite bullish momentum towards the $50,000 mark.
my opinion 48k can be the max... The recent sell off was massive ...it should continue...maybe slow upper side but If BTC keeps declining by 30-34 bands I start believing Sec is ok for ETFs and this is blockrock operation....
The recent sell off was massive ...it should continue...maybe slow upper side but
If BTC keeps declining by 30-34 bands I start believing Sec is ok for ETFs and this is blockrock operation....