TRENDING:
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
Login
|

BTC outlook: Bitcoin rallied to new multi-month high in the first trading day of 2024

BTC outlook: Bitcoin rallied to new multi-month high in the first trading day of 2024
Slobodan DrvenicaSlobodan DrvenicaWindsor Brokers

Bitcoin

Bitcoin started 2024 trading with gap-higher opening and surged near $46000, the highest levels since April 2022.

Fresh rally was sparked by growing optimism that US securities regulator would soon approve exchange traded spot bitcoin funds, which greatly improved the sentiment.

Rise above the top of three-week range generated initial signal of an end of consolidation phase and continuation of a larger uptrend.

Daily close above former top (44743) is needed to keep fresh bulls in play for extension towards next targets at 48197/48484 (27 Mar 2022 lower top / Fibo 61.8% retracement of 68911/15437 downtrend) and confirm bullish continuation.

Firmly bullish daily studies support the action, with dips to be contained above 44500 zone and keep near-term bias with bulls.

Res: 45946; 46231; 46750; 47269.
Sup: 44743; 44445; 43253; 42798.

BTCUSD

Author

Slobodan Drvenica

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

More from Slobodan Drvenica
Share:

Editor's Picks

XRP rebound remains fragile as muted ETF flows and weak technicals cap upside

XRP rebound remains fragile as muted ETF flows and weak technicals cap upside

Ripple (XRP) is regaining momentum, trading above $1.10 at the time of writing on Monday. This modest rebound mirrors the broader recovery observed across the cryptocurrency market.

Bitcoin Weekly Forecast: Strategy sells, the market doesn’t care

Bitcoin Weekly Forecast: Strategy sells, the market doesn’t care

Bitcoin reclaims $64,000 on Friday, extending a modest recovery while holding firmly above the key technical support zone so far this week. Mixed spot Exchange Traded Funds (ETFs) flows through Thursday reflect cautious institutional positioning.

Pi Network tests key support as bears anticipate further decline

Pi Network tests key support as bears anticipate further decline

Pi Network tests $0.1000 on Friday, edging higher after six consecutive days of weakness. The technical outlook is bearish as intense sell-side momentum warns of a steeper correction despite mild intraday recovery.

Uniswap Price Forecast: Rising stablecoin activity fuels UNI bullish rally chances

Uniswap Price Forecast: Rising stablecoin activity fuels UNI bullish rally chances

Uniswap is up 3% on Friday, extending its rebound from the 50-day EMA at $3.08. Retail demand builds around Uniswap as Open Interest rises 5% in 24 hours, with a positive spike in the funding rate.

Bitcoin: Strategy sells, the market doesn’t care

Bitcoin: Strategy sells, the market doesn’t care

Bitcoin (BTC) reclaims $64,000 on Friday, extending a modest recovery while holding firmly above the key technical support zone so far this week. Mixed spot Exchange Traded Funds (ETFs) flows through Thursday reflect cautious institutional positioning. Meanwhile, traders have digested headlines about Strategy’s recent Bitcoin sale, highlighting the Crypto King’s resilience and deep liquidity.