BTC/USD Fails to Push Above $48,000

Bitcoin Price Prediction – January 2

At the moment, the Bitcoin price prediction shows BTC dropping over 1.34% after opening today’s trade at $47,733.

BTC/USD Long-term Trend: Bearish (Daily Chart)

Key levels:

Resistance Levels: $53,000, $55,000, $57,000

Support Levels: $42,500, $40,500, $38,500

BTCUSD – Daily Chart

The daily chart reveals that BTC/USD could not break above 9-day and 21-day moving averages. However, the Bitcoin (BTC) begins the day by moving below the $47,000 level inside the channel. Moreover, the first support level is located at $46,000. Beneath this, other support levels could be located at $42,500, $40,500, and $38,500.

Bitcoin Price Prediction: Bitcoin (BTC) May Continue to Range-Bound

According to the daily chart, the Bitcoin price fails to trade above the resistance level of $48,000 as it looks to set up another few days of negative price declines beneath $47,000. At the moment, the red-line of the 9-day moving average is likely to cross below the green-line of the 21-day moving average which could cause the king coin to head to the south. Meanwhile, a break above the moving averages would have pushed the first digital asset above the upper boundary of the channel.

Furthermore, traders can clearly see Bitcoin fails to break up as the technical indicator Relative Strength (14) is likely to cross below 40-level. Although the current candle is still yet to close and it is likely that the bulls may end up closing above it. However, should the technical indicator moves below 40-level, the market price may end in the negative side but on the contrary, moving upside could locate the resistance levels at $53,000, $55,000, and $57,000.

BTC/USD Medium-Term Trend: Ranging (4H Chart)

Looking at the 4-hour chart, the bears are likely to come back into the market if the bulls failed to defend the $47,000. However, the $46,000 and below may come into play if the bearish momentum increases within the market environment.

BTCUSD – 4 Hour Chart

Moreover, if the buyers hijack the current movement and push it above the 9-day and 21-day moving averages, traders may expect a retest $48,000 resistance level; breaking this level could further allow the bulls to hit the resistance level of $49,000 and above. At the moment, the Relative Strength Index (14) signal line is seen moving in the same direction, suggesting that the market may continue to move sideways.

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