---
title: "Bitcoin (BTC) Price Analysis: Orbiting 42230 Technicals in Early 2024 – 2 January 2024"
url: https://diffcoin.com/bitcoin-btc-price-analysis-orbiting-42230-technicals-in-early-2024-2-january-2024/
description: "Bitcoin (BTC) Price Analysis: Orbiting 42230 Technicals in Early 2024 – 2 January 2024 Bitcoin (BTC/USD) sought to extend recent gains early in the Asian…"
published: 2024-01-01
updated: 2024-01-01
author: "Mila"
site: "Diffcoin"
---

# Bitcoin (BTC) Price Analysis: Orbiting 42230 Technicals in Early 2024 – 2 January 2024

**Bitcoin (BTC) Price Analysis: Orbiting 42230 Technicals in Early 2024 – 2 January 2024**

**Bitcoin (BTC/USD)** sought to extend recent **gains** early in the **Asian** session as the pair **appreciated** to the **42778.74** area following recent **buying pressure** around the **41300** area. After **depreciating** **64.4%** in **2022**, **BTC/USD scored** a **156.3% gain** in **2023** that was solidified by a **11.3% gain** in December and a **57.5% expansion** in the fourth quarter. The recent **relative high** around the **45000 figure** represented a **test** of the **45278.22 level**, an **upside price objective** linked **to historical upside advances** around the **3858** area. **Above** the market, **upside price objectives** include the **46105**, **46487**, and **49161 levels**, above which **Stops** are cited.

**Below** the market **, downside risks** persist with additional **downside price objectives** around the **40185** and **38773** areas. **Downside** **price objectives** related to recent **selling pressure** around the **43657** and **43207 levels** include the **42358**, **42052**, and **41556** areas, while **downside price objectives** linked to the **43830** area include the **42375**, **42032**, **41607**, and **40920** areas. Areas of **technical support** and potential **buying pressure** include the **38998**, **38028**, **37321,** and **35285 levels**. Traders are observing that the **50-bar MA (4-hourly)** is **bullishly indicating above** the **100-bar MA (4-hourly)** and **above** the **200-bar MA (4-hourly).** Also, the **50-bar MA (hourly)** is **bearishly** **indicating** **below** the **100-bar MA (hourly)** and **below** the **200-bar MA (hourly)**.

Price activity is nearest the **100-bar MA** (4-hourly) at **42783.93** and the **100-bar MA** (Hourly) **42504.61**.

**Technical Support** is expected around **37392.45/ 36720.55/ 35633.00** with **Stops** expected below.

**Technical Resistance** is expected around **46487.10/ 47108.16/ 48240.00** with **Stops** expected above.

On **4-Hourly** chart, **SlowK** is **Bullishly above SlowD** while **MACD** is **Bullishly above MACDAverage.**

On **60-minute** chart, **SlowK** is **Bearishly below SlowD** while **MACD** is **Bullishly above MACDAverage**.

Sally Ho’s Technical Analysis 
View Yesterday’s Trading Analysis

*Disclaimer: Sally Ho’s Technical Analysis is provided by a third party, and for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.*

[Source link](https://cryptodaily.co.uk/2024/01/bitcoin-btc-price-analysis-orbiting-42230-technicals-in-early-2024-2-january-2024)