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.
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.
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