Bitcoin (BTC) Price Analysis: Selloff Reverses at 42181 Technicals – 27 December 2023
Bitcoin (BTC/USD) awaited fresh technical guidance early in the Asian session as the pair continued to recover following a selloff to the 42181.68 area, representing another test of the 50% retracement of the depreciating range from 69000 to 15460. Selling pressure strengthened around the 44424.36 area as BTC/USD stopped short of testing a recent relative high around the 45000 figure. That recent relative high represented a test of the 45278.22 level, an upside price objective linked to historical upside advances around the 3858 area. Above the market, upside price objectives include the 46105, 46487, and 49161 levels, above which Stops are cited.
Below the market, downside risks persist with additional downside price objectives around the 40185 and 38773 areas. Recent profit-taking activity saw Stops elected below the 41458.35 level, a downside price objective related to recent selli
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