With the spirit of Christmas, Bitcoin price climbed all the way up to $51,830. Currently, the price is ranging below the $51,500. In case BTC manages to surpass the $51,500 resistance level, we can expect further bull action. Here is a summary of Bitcoin price in the past 24 hours:
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- Bitcoin is ranging below the $51,500 level.
- Currently, the price is above $50,000 and the 1-hour candles are above the SMA100.
- For the 1-hour chart, we can see a crucial ranging channel with resistance and support respectively at $51,500 and $50,700.
- In case BTC manages to surpass the $51,500, there could be further growth in short-term.
Bitcoin Price Action Analysis
On December 23rd, BTC fell as low as $47,940 but buyers took back control. By breaking through the $48,600 resistance level, Bitcoin found a strong upward momentum. With this bullish action, BTC surpassed the $49,500 and $50,200 and at some point moved above $50,700. The highest recorded price has been at $51,832.
Currently, the price is above $50,000 and the 1-hour candles are above the SMA100. BTC is ranging below the $51,500 resistance level.
The first resistance level for BTC is at $51,500 which is on top of the ranging channel. Surpassing this level would bring strong upward momentum to the bullish trend. The next crucial resistance level will be $52,000 followed by $53,200. Further growth would bring the price closer to the $53,500 and $53,700.
On the other hand, if Bitcoin price fails to surpass the $51,500, the price would approach the bottom of the ranging channel at $50,700. This level is closely located near the support for the ranging channel. Dipping below this level would cause further decline for the price. The $50,700 is also near the 23.6% Fibonacci retracement level from the latest rise from $47,940 to $51,832.
The next important support level is at $50,250 followed by $49,900 near the 50% Fibonacci retracement level. Further decline can bring BTC down to $49,500 and $49,300.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on a downward movement.
RSI: the 1-hour relative strength index is currently 50.
Resistance levels: Right now, the $51,500 and the SMA100 are currently the crucial support levels for BTC.
Support levels: The $50,700 and $50,500 are currently the crucial support levels for the price.
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