{"id":148122,"date":"2021-12-23T13:27:03","date_gmt":"2021-12-23T13:27:03","guid":{"rendered":"https:\/\/precoinnews.com\/?p=148122"},"modified":"2021-12-23T13:27:03","modified_gmt":"2021-12-23T13:27:03","slug":"bitcoin-continues-to-consolidate-sideways-build-strength-above-45500","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/bitcoin-continues-to-consolidate-sideways-build-strength-above-45500\/","title":{"rendered":"Bitcoin Continues to Consolidate Sideways, Build Strength Above $45,500"},"content":{"rendered":"

Bitcoin (BTC) price continues to move in a downward correction. The upside keeps bumping up against rejection at the $49,600 high. <\/strong><\/p>\n

The selling pressure is easing at the $45,500 price level. In other words, the cryptocurrency is trading between $45,500 and $50,000. Today, Bitcoin is falling after rejection at the resistance level of $49,600. <\/p>\n

If the bears manage to break the support at $45,500, the sellers will drop Bitcoin to the low of $41,634. The crypto price has already fallen to a low of $41,634 during the December 4 slump. On the other hand, if Bitcoin rallies above the current support, the market will rally above $50,000. The bullish momentum will extend to the high at $54,000. Meanwhile, BTC\/USD has fallen to $48,535 as of press time.<\/p>\n

Bitcoin indicator reading<\/h2>\n

Bitcoin is at level 43 on the Relative Strength Index for period 14. The cryptocurrency is still trading in the bearish trend zone. A break above $50,000 resistance will take Bitcoin into the bullish trend zone. Bitcoin price has fallen below the 20% area of the daily stochastic. This suggests that selling pressure has reached bearish exhaustion. The moving averages of the 21-day line and the 50-day line are leaning south. <\/p>\n

<\/p>\n

Technical indicators:   <\/h3>\n

Major Resistance Levels – $65,000 and $70,000 <\/b><\/p>\n

<\/b><\/p>\n

Major Support Levels – $60,000 and $55,000 <\/b><\/p>\n

What is the next direction for BTC?<\/h2>\n

Currently hovering between $45,500 and $50,000, Bitcoin is currently sloping downwards. Meanwhile, the downtrend from December 22 has a candle body testing the 61.8% Fibonacci retracement level. The retracement suggests that BTC will fall to the 1.618 Fibonacci extension level or $47,680.<\/p>\n

<\/p>\n

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.<\/span><\/i><\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC) price continues to move in<\/p>\n","protected":false},"author":3,"featured_media":148121,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nBitcoin Continues to Consolidate Sideways, Build Strength Above $45,500 - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/bitcoin-continues-to-consolidate-sideways-build-strength-above-45500\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Continues to Consolidate Sideways, Build Strength Above $45,500 - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"Bitcoin (BTC) price continues to move in\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/bitcoin-continues-to-consolidate-sideways-build-strength-above-45500\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-12-23T13:27:03+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/12\/Bitcoin-Continues-to-Consolidate-Sideways-Build-Strength-Above-45500.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/bitcoin-continues-to-consolidate-sideways-build-strength-above-45500\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/bitcoin-continues-to-consolidate-sideways-build-strength-above-45500\/\",\"name\":\"Bitcoin Continues to Consolidate Sideways, Build Strength Above $45,500 - 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