Bitcoin (BTC) Price Analysis: Narrower Ranges Clouding Technicals – 7 January 2024

Bitget

News

Cryptodaily2024/01/06 17:01

By:Sally Ho

Bitget offers one-stop trading for cryptocurrencies, stocks, and gold. Trade now!

A welcome pack worth 6200 USDT for new users! Sign up now!

Bitcoin (BTC) Price Analysis: Narrower Ranges Clouding Technicals – 7 January 2024

Bitcoin (BTC/USD) awaited fresh technical guidance early in the Asian session as the pair traded as high as the 43958.96 level, representing a test of the 78.6% retracement of the recent depreciating range from 45000 to 40150. The technical relevance of the 42230 level continues to be confirmed as BTC/USD orbits this area, representing the 50% retracement of the recent depreciating range from 69000 to 15460. Stops were recently elected below the 43719, 43037, 42356, 41386, and 40963 areas during the depreciation after BTC/USD peaked around the 45925.82 area, a multi-month high dating to May 2022. Large Stops were also elected below the 44026, 43986, 43528, 42788, 42047, 41143, and 41131 areas, downside price objectives linked to recent selling pressure around the 45925 and 45519 levels.

Above the market, upside price objectives remain the 46105, 46487, and 49161 levels. Bulls continue to eye the 48647.72 area, representing the 61.8% retracement of the depreciating range from the all-time high of 69,000 to 15460. Following the new relative high, areas of technical support and potential buying pressure include the 39705, 38735, 37893, and 35857 levels. Traders are observing that the 50-bar MA (4-hourly) is bullishly indicating above the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly). Also, the 50-bar MA (hourly) is bearishly indicating below the 100-bar MA (hourly) and above the 200-bar MA (hourly).

Price activity is nearest the 50-bar MA (4-hourly) at 43389.91 and the 50-bar MA (Hourly) 43853.07.

Technical Support is expected around 37392.45/ 36720.55/ 35633.00 with Stops expected below.

Technical Resistance is expected around 46487.10/ 47108.16/ 48240.00 with Stops expected above.

On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.

On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.

Disclaimer: Sally Ho’s Technical Analysis is provided by a third party, and for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

Understand the market, then trade.

Bitget offers one-stop trading for cryptocurrencies, stocks, and gold.

Trade now！

The borrowing costs of governments around the world continue to rise, with investors demanding higher returns to attract them to hold long-term bonds. The increase in US Treasury yields even prompted Treasury Secretary Scott Besant to announce an expansion of long-term Treasury buybacks—but this intervention failed to prevent the 10-year US Treasury yield from surpassing 5%, reaching its highest level in nearly 20 years.

智通财经•2026/09/18 00:56

Oil prices and interest rates are rising, but US stocks still trust TACO

Oil prices have surpassed $100, the Federal Reserve is raising interest rates, and tensions in the Strait of Hormuz persist—Wall Street's bet on the "Trump will always back down" TACO trade is facing its most dangerous moment. The unexpected resilience of US stocks has actually reduced Trump's motivation for reconciliation; the real pressure valve lies in bond yields approaching the 4.946% warning line. Behind-the-scenes negotiations are reportedly ongoing, but this time, can the market's patience last until Trump changes course?

华尔街见闻•2026/09/18 00:31

Claude leads 26% of R&D, Anthropic raises heated discussion on "AI developing AI" with its "AI slowdown theory"! The RSI training paradigm is catalyzing a major expansion in computing power demand.

Anthropic PBC's Claude chatbot has driven more than a quarter of the company's AI research and development work. The company found that Claude "led" 26% of Anthropic's R&D efforts and collaborated with employees to complete about 90% of the work. Anthropic plans to introduce third-party evaluators within the company and grant them access to internal processes, systems, and data to help track the progress of AI development.

智通财经•2026/09/18 00:11

Will the Federal Reserve Raise Rates More Than Once? "Master" Greenspan Doesn't Think So

汇通财经•2026/09/17 23:39