NewsletterBitcoin Price Analysis: BTC Coin At 32% Discount; Is This A Fair Price Or More Correction is Required?
The BTC coin is still under a correction phase where it has recently dropped below the 0.5 FIB level. The price is now charging towards the next support level of $44800, looking for sufficient demand pressure to continue its bull rally. The current price of this coin is $46860, with an intraday gain of 0.34% gain.
Key technical points:
- The 20-day EMA line flips from the dynamic support to a possible resistance
- The intraday trading volume in the BTC coin is $33 Billion, indicating a 13.45% gain.
Source- BTC/USD chart by Tradingview
The last time when we covered an article on BTC/USD, the coin price breached another crucial support 0.5 Fibonacci retracement level and 200 EMA line together, indicating the extension of its correction phase. Later, the coin retraced to these new resistance levels for a second retest, checking for sufficient supply pressure.
The coin price was rejected from this level with an evening star candle pattern, indicating the coin has drooped 32% from the All-Time High of $69000. The crucial EMAs (20, 50, 100, and 200) support a downtrend in this coin. Moreover, the 20 EMA, which provided dynamic support earlier, is now flipped to a possible resistance.
The daily Relative Strength Index (34) states a bearish sentiment among the market participants.
BTC/USD 4-hour Time Frame Chart
Source- BTC/USD chart by Tradingview
The BTC coin price is currently moving towards its next support level of 0.618 FIB or $46800 support level. The traditional pivot shows remarkable confluence with the BTC/USD chart level. According to these pivot levels, the crypto traders can expect the nearest resistance at the $49500 resistance at $52500, followed by $2. As for the opposite end, the support levels are $44500 and $420003.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Tom Lee Says Bitcoin Could Hit New ATH In January As Hassett Becomes Favorite For Fed Chair
- 8 Best Crypto Exchanges That Accept PayPal Deposits and Withdrawals
- Jerome Powell Speech Today: What To Expect as Fed Ends QT
- Tom Lee’s BitMine Acquires 96,798 ETH Ahead of Ethereum Fusaka Upgrade
- Schiff Predicts ‘Beginning of the End’ for MSTR as Strategy Eases Bitcoin Sell-Off Fears With $1.44B Reserve
- Pi Network Price Prediction Ahead of December’s 190M Scheduled Unlock
- Dogecoin Price Below $0.15 as Crypto Market Crashes: Will $0.10 Hold?
- Will the Binance Coin Price Rebound as a Key RWA Metric Jumps 99%
- AVAX Price Prediction After Bitwise Files for a Staking ETF — A Rebound Coming?
- Will Chainlink Price Soar to $20 with U.S. Spot ETF Launch?
- Is Pepe Coin Price at Risk After Forming This Bearish Pattern?
