{"id":568814,"date":"2024-01-10T02:58:56","date_gmt":"2024-01-10T02:58:56","guid":{"rendered":"https:\/\/shenyangcang.com\/?p=568814"},"modified":"2024-06-11T12:38:23","modified_gmt":"2024-06-11T12:38:23","slug":"bitcoin-price-rejects-48k","status":"publish","type":"post","link":"https:\/\/shenyangcang.com\/news\/bitcoin-price-rejects-48k\/","title":{"rendered":"Bitcoin Price Rejects 48K After The SEC Drama But Uptrend Still Intact"},"content":{"rendered":"<p><em>Bitcoin price jumped toward $48,000 after the hacked SEC account tweet. BTC trimmed all gains, but the uptrend support is still intact near $45,200.<\/em><\/p>\n<ul>\n<li>Bitcoin spiked toward the $47,800 and $48,000 resistance levels.<\/li>\n<li>The price is trading above $45,500 and the 100 hourly Simple moving average.<\/li>\n<li>There is a major contracting triangle forming with resistance near $46,800 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could continue to move up toward the $48,000 level unless there is a close below $45,000.<\/li>\n<\/ul>\n<h2>Bitcoin Price Faces Rejection<\/h2>\n<p>Bitcoin price started a <a href=\"https:\/\/shenyangcang.com\/analysis\/btc\/bitcoin-price-rallies-48k-imminent\/\" target=\"_blank\" rel=\"noopener \">fresh increase above the $45,500 resistance zone<\/a>. BTC gained bullish momentum above the $46,000 and $46,500 levels after the hacked SEC account tweet about the ETF approval.<\/p>\n<p>After clarification, there was a sharp rejection near the $48,000 zone. A high was formed near $47,988 before the price started a fresh decline. There was a move below the $47,000 and $46,500 levels. The price dived toward the $45,000 support.<\/p>\n<p>A low was formed near $44,828 and the price is now rising. It is back above the 23.6% Fib retracement level of the recent decline from the $47,988 swing high to the $44,828 low.<\/p>\n<p>Bitcoin is now trading above $45,500 and the <a href=\"https:\/\/shenyangcang.com\/analysis\/btc\/bitcoin-price-plunge-imminent-42150\/\" target=\"_blank\" rel=\"noopener \">100 hourly Simple moving average<\/a>. There is also a major contracting triangle forming with resistance near $46,800 on the hourly chart of the BTC\/USD pair. On the upside, immediate resistance is near the $465,400 level. It is near the 50% Fib retracement level of the recent decline from the $47,988 swing high to the $44,828 low.<\/p>\n<p><a href=\"https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/01\/Bitcoin-8.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-568815\" src=\"https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/01\/Bitcoin-8.png?resize=1024%2C461\" alt=\"Bitcoin Price\" width=\"1024\" height=\"461\" srcset=\"https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/01\/Bitcoin-8.png?w=1835 1835w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/01\/Bitcoin-8.png?w=460 460w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/01\/Bitcoin-8.png?w=768 768w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/01\/Bitcoin-8.png?w=860 860w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/01\/Bitcoin-8.png?w=1536 1536w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/01\/Bitcoin-8.png?w=750 750w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/01\/Bitcoin-8.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><\/p>\n<p>Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/p>\n<p>The first major resistance is $46,800. A clear move above the $46,800 resistance could send the price toward the $47,200 resistance. The next resistance is now forming near the $48,000 level. A close above the $48,000 level could send the price further higher. The next major resistance sits at $49,250.<\/p>\n<h2>More Losses In BTC?<\/h2>\n<p>If Bitcoin fails to rise above the $46,800 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $45,550 level.<\/p>\n<p>The next major support is $45,200. If there is a move below $45,200, the price could gain bearish momentum. In the stated case, the price could drop toward the $44,800 support in the near term.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is now losing pace in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n<p>Major Support Levels \u2013 $45,500, followed by $45,200.<\/p>\n<p>Major Resistance Levels \u2013 $46,400, $46,800, and $47,200.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price jumped toward $48,000 after the hacked SEC account tweet. BTC trimmed all gains, but the uptrend support is still intact near $45,200. Bitcoin spiked toward the $47,800 and $48,000 resistance levels. The price is trading above $45,500 and the 100 hourly Simple moving average. There is a major contracting triangle forming with resistance near $46,800 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could continue to move up toward the $48,000 level unless there is a close below $45,000. Bitcoin Price Faces Rejection Bitcoin price started a fresh increase above the $45,500 resistance zone. BTC gained bullish momentum above the $46,000 and $46,500 levels after the hacked SEC account tweet about the ETF approval. After clarification, there was a sharp rejection near the $48,000 zone. A high was formed near $47,988 before the price started a fresh decline. There was a move below the $47,000 and $46,500 levels. The price dived toward the $45,000 support. A low was formed near $44,828 and the price is now rising. It is back above the 23.6% Fib retracement level of the recent decline from the $47,988 swing high to the $44,828 low. Bitcoin is now trading above $45,500 and the 100 hourly Simple moving average. There is also a major contracting triangle forming with resistance near $46,800 on the hourly chart of the BTC\/USD pair. On the upside, immediate resistance is near the $465,400 level. It is near the 50% Fib retracement level of the recent decline from the $47,988 swing high to the $44,828 low. Source: BTCUSD on TradingView.com The first major resistance is $46,800. A clear move above the $46,800 resistance could send the price toward the $47,200 resistance. The next resistance is now forming near the $48,000 level. A close above the $48,000 level could send the price further higher. The next major resistance sits at $49,250. More Losses In BTC? If Bitcoin fails to rise above the $46,800 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $45,550 level. The next major support is $45,200. If there is a move below $45,200, the price could gain bearish momentum. In the stated case, the price could drop toward the $44,800 support in the near term. Technical indicators: Hourly MACD \u2013 The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level. Major Support Levels \u2013 $45,500, followed by $45,200. Major Resistance Levels \u2013 $46,400, $46,800, and $47,200.<\/p>\n","protected":false},"author":67,"featured_media":459185,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,679,1144,78790,76835],"class_list":["post-568814","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-price","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>Bitcoin Price Rejects 48K After The SEC Drama But Uptrend Still Intact<\/title>\n<meta name=\"description\" content=\"Bitcoin price jumped toward $48,000 after the hacked SEC account tweet. 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