Bitcoin Price Extend Rally, Ethereum and Altcoins Follow

Bitcoin Price Extend Rally, Ethereum and Altcoins Follow

Key Highlights

  • Bitcoin price extended its rally above $50,000 and $51,000.
  • BTC is trading above a key bullish trend line with support at $49,650 on the 4-hour chart.
  • Ethereum also rallied above the $2,650 and $2,700 resistance levels.
  • XRP and SOL are also showing signs of bullish bias.

Bitcoin Price Technical Analysis

Bitcoin price corrected lower after it spiked above the $50,000 resistance. BTC tested the $48,250 zone and recently started a fresh rally.

Looking at the 4-hour chart, the price is trading above a key bullish trend line with support at $49,650. There was a strong increase above the $50,000 level. BTC settled well above the 100 simple moving average (red, 4 hours) and the 200 simple moving average (green, 4 hours).

The bulls were able to pump Bitcoin above the $52,000 level. Immediate resistance is near the $52,450 level. The next resistance is near $53,200. A successful close above the $53,200 level might start another steady increase.

In the stated case, the price may perhaps rise toward the $55,000 level. Any more gains might send Bitcoin toward the $56,200 level in the near term.

If not, the price might start a downside correction. Immediate support is near the $50,800 zone. The next major support is $50,000 or the trend line. Any more losses might send the price toward the $49,200 support zone.

The next key support is near the $48,800 level, below which there is a risk of a drop toward the $46,500 level in the coming days.

Economic Releases

  • US Initial Jobless Claims – Forecast 220K, versus 218K previous.
  • US Retail Sales ex Autos for Jan 2024 (MoM) – Forecast +0.2%, versus +0.4% previous.

https://www.actionforex.com/contributors/technical-analysis/539789-bitcoin-price-extend-rally-ethereum-and-altcoins-follow/

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About the Author: Daniel