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Aayush Jindal

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.