Bitcoin climbed by 4% in the past 24 hours after gaining over ,000 from today’s low of ,000 (Bitstamp). The primary cryptocurrency is up by a total of 23% this past week after it broke the previous ATH price from January 8th, 2021, of ,000. This comes following the news that Tesla had purchased .5 billion worth of BTC.After breaking ,000 on Monday, Bitcoin continued higher to reach the critical resistance at ,430 (1.618 Fib Extension). It spiked above it on Tuesday, setting a new ATH price at ,216 according to Bitstamp, but could not close a daily candle above the aforementioned level, and it’s currently trading around it.Yesterday, Bitcoin dropped into the support at ,415 (.236 Fib Retracement), wicking to a daily low of ,700 on Bitstamp, which is also an
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Bitcoin climbed by 4% in the past 24 hours after gaining over $2,000 from today’s low of $44,000 (Bitstamp). The primary cryptocurrency is up by a total of 23% this past week after it broke the previous ATH price from January 8th, 2021, of $42,000. This comes following the news that Tesla had purchased $1.5 billion worth of BTC.
After breaking $42,000 on Monday, Bitcoin continued higher to reach the critical resistance at $46,430 (1.618 Fib Extension). It spiked above it on Tuesday, setting a new ATH price at $48,216 according to Bitstamp, but could not close a daily candle above the aforementioned level, and it’s currently trading around it.
Yesterday, Bitcoin dropped into the support at $44,415 (.236 Fib Retracement), wicking to a daily low of $43,700 on Bitstamp, which is also an ascending trend-line that started forming in mid-December 2020. This concludes a 2-day drop where BTC lost around $4000 of its face value. As mentioned, the cryptocurrency rebounded quickly, and, as of now, it’s facing critical resistance.
BTC 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.
Looking ahead, if the bulls break $46,427, the first resistance lies 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 side, the first support lies at $44,415 (.236 Fib). This is followed by $44,000 (and yesterday’s low of $43,700), $42,075 (.382 Fib & previous ATH), $40,735 (previous high-day closing price), and $40,000 (.5 Fib).
The RSI on the 4-hour and also on the 1-hour reveals the strength of the bulls, as there is a clear bullish divergence on both timeframes.
Bitstamp BTC/USD Daily Chart
Bitstamp BTC/USD 4-Hour Chart
