Key Highlights
- Bitcoin price extended its rally above $53,200 and $55,000.
- BTC cleared a major declining channel with resistance at $51,850 on the 4-hour chart.
- Ethereum also rallied above the $3,150 and $3,200 resistance levels.
- The US GDP could grow 3.3% in Q4 2023 (Preliminary).
Bitcoin Price Technical Analysis
Bitcoin price formed a support base above the $50,500 level. BTC started a fresh increase and broke many hurdles near $52,000 to enter a fresh uptrend.
Looking at the 4-hour chart, the price cleared a major declining channel with resistance at $51,850. The price settled well above the $55,000 resistance zone, the 100 simple moving average (red, 4 hours), and the 200 simple moving average (green, 4 hours).
It tested the $57,500 zone and is currently consolidating gains. Immediate resistance is near the $58,000 level. The next resistance is near $58,800.
A successful close above the $58,800 level might start another steady increase. In the stated case, the price may perhaps rise toward the $60,000 level. Any more gains might send Bitcoin toward the $62,000 level in the near term.
If not, the price might start a downside correction. Immediate support is near the $55,800 zone. The next major support is $55,000. Any more losses might send the price toward the $53,850 support zone.
The next key support is near the $53,200 level, below which there is a risk of a drop toward the $52,000 level in the coming days.
Economic Releases
- US Gross Domestic Product for Q4 2023 (Preliminary) – Forecast 3.3% versus previous 3.3%.
- US Personal Income for Jan 2024 (MoM) – Forecast +0.2%, versus +0.3% previous.
