Bitcoin: $48k Still in Sight, but Bulls Need to Hold Key $43k Support Zone First

investing.com:

Entering the $40,000 range in its recent upward trajectory, Bitcoin surged to $44,000, surpassing the ascending channel established at the start of 2023.

Throughout November, the cryptocurrency grappled with a pivotal resistance level at $36,500, a challenge it overcame as December unfolded. With a positive market sentiment, Bitcoin gained momentum, reaching above $42,700, identified as the subsequent resistance.

Despite achieving an annual peak of $44,400 midweek, the cryptocurrency experienced a partial retracement, finding support at $43,100. Consequently, $43,100 emerged as the nearest short-term support for BTC.

In the last 48 hours, a retracement led Bitcoin to dip below the 8-day EMA value, which had guided its ascent since December. Nevertheless, the cryptocurrency maintains bullish strength, hovering above its immediate short support at $42,950, with an untested, more substantial long-term support at $42,700.

A closer look at Bitcoin on the 4-hour chart shows that the Stochastic RSI indicator has moved down to the oversold zone in the partial pullback over the past two days. This outlook suggests that the price may test the support line extending to the $ 42,700 region.

The arrival of new purchases at this support line will technically trigger the trend to continue on its way. In this case, the Bitcoin price can be expected to close above the 8-EMA value, which is currently calculated at $ 43,300.

If we evaluate the recent upward momentum that started from the $ 36,000 region on November 27; According to Fibonacci levels, the $ 43,000 level corresponds to Fib 0.144, once again emphasizing the importance of the closely followed $ 42,700 — $ 43,100 support area.

Below this zone, 42,300 and then 41,300 dollar