Bitcoin has surged 4% in the past 24 hours after earning over $ 2,000 from today’s low of $ 44,000 (Bitstamp). The coin rose 23% overall last week after breaking the previous ATH price of $ 42,000 from January 8, 2021. This came after the news that Tesla bought $ 1.5 billion worth of BTC.

 

 

After breaking $ 42,000 on Monday, Bitcoin continued to reach critical resistance at $ 46,430 (1.618 Fib Extension). On Tuesday, a new ATH rose by raising its price to $ 48,216, according to Bitstamp, but was unable to close the one-day candle above the above-mentioned level and is currently trading around it.

Yesterday, Bitcoin fell to support at $ 44,415 (.236 Fib Retracement) and fell to a daily low of $ 43,700 on Bitstamp, which is also a rising trend line that started to form in mid-December 2020. This resulted in a 2-day drop. BTC lost about $ 4000 of its face value. As stated, the cryptocurrency has recovered rapidly and is facing critical resistance as of now.

Bitcoin Price Support and Resistance Levels To Watch

  • Key Support Levels: $ 44,415, $ 44,000, $ 42,075, $ 40,735, $ ​​40,000.
  • Key Resistance Levels: $ 46,427, $ 47,350, $ 48,000 – $ 48,216, $ 48,570, $ 49,500, $ 50,000.
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Looking ahead, if the bulls break $ 46,427, the initial resistance is at $ 47,530 (1,272 Fib Extension – yellow). This is followed by $ 48,000, $ 48,216 (ATH), $ 48,570 (1,414 Fib Extension – green), $ 49,500 and $ 50,000.

On the other hand, the initial support is at $ 44,415 (.236 Fib). This is followed by $ 44,000 (and yesterday’s low of $ 43,700), $ 42,075 (.382 Fib and previous ATH), $ 40,735 (previous high day closing price) and $ 40,000 (.5 Fib).

The 4-hour and 1-hour RSI reveals the strength of the bulls as there is a significant upward difference in both time frames

 

Daily Chart of BTC / USDT

4-Hour BTC / USDT Chart

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