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Bitcoin at Critical Resistance! Will the Upswing Continue? Updated BTC Analysis

source-logo  en.coinotag.com 06 December 2023 20:44, UTC
  • Bitcoin is displaying a strong upward trend above $43,730 with 30-minute candle closures.
  • Caution should be exercised as Bitcoin approaches the $45,000 level, and the impact of selling pressure should be monitored closely.
  • The upward trend initiated in October is ongoing, but the possibility of a decline may increase if the weekly resistance between $44,200 and $45,400 is not surpassed.

Bitcoin continues its short-term ascent on the chart, but caution is advised above $45,000. From a long-term perspective, overcoming the weekly resistance is essential. Particularly, the $37,600 support is a significant level, and closures below this level could trigger a downturn. Investors should formulate their strategies by keeping an eye on these levels.


4-Day BTC/USD Price Chart

In the medium-term analysis of Bitcoin, it is observed that it continues the upward trend initiated in October. The BTC price is currently trading at $43,950 and is quite close to the weekly resistance.

Bitcoin’s price is currently moving near the $44,200 weekly resistance. If Bitcoin manages to achieve weekly candle closures above $44,200, the upward trend may continue. However, for BTC to sustain its upward movement, it is crucial to overcome the critical weekly resistance in the range of $44,200 to $45,400.

Analysts at Coinotag suggest that if the price fails to close above $44,200 on the weekly time frame, a decline could begin. The substantial liquidation at the $37,600 support, in particular, increases the likelihood of a downturn.

BTC investors may consider reinvesting at levels around $37,600 in the event of a potential decline. However, if the Bitcoin price makes weekly closures below $37,000, the continuation of the decline could extend to $35,400.


30-Minute BTC/USD Price Chart

According to the short-term technical analysis of Bitcoin, if the price chart continues to see 30-minute candle closures above $43,730, there is potential for the uptrend to continue towards $45,000.

However, in the event of encountering strong selling pressure at the $45,000 level, a downward movement may initiate, retracing towards the support range of $43,389 to $43,200. Therefore, caution is advised as Bitcoin approaches the $45,000 level.

If the Bitcoin price loses support at $43,730, the downward movement could persist, reaching levels of $43,300 and $43,440 successively, especially if hourly closures occur below $43,300.