Bitcoin (BTC) Price Analysis: Orbiting 50-Hour Moving Average – 16 January 2024
Bitcoin (BTC/USD) remained lightly on the defensive early in the Asian session as the pair awaited new technical guidance after being recent sell-offs that saw prints at lower levels including the 41444.97 and 41680 areas. The depreciation to recent lows represented a test of a downside price objective around the 41208.59 area that is related to recent selling pressure around the 49102.29 and 46368.85 levels. Buying pressure later emerged around the 42495 area during the recovery, a test of a recent upside price objective related to recent buying activity around the 24900 and 34758.64 levels. The recent high around the 49102.29 area was BTC/USD’s strongest print since late December 2021.
Large Stops were elected above the 47934, 48466, and 48647.72 levels during the appreciation, significant technical levels related to historical buying pressure and the all-time high of 69000. Upside price o
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