---
title: "Bitcoin (BTC) Price Analysis: Rangebound Trading Continues – 8 January 2024"
url: https://diffcoin.com/bitcoin-btc-price-analysis-rangebound-trading-continues-8-january-2024/
description: "Bitcoin (BTC) Price Analysis: Rangebound Trading Continues – 8 January 2024 Bitcoin (BTC/USD) extended its rangebound technical trading pattern early in…"
published: 2024-01-08
updated: 2024-01-08
author: "Mila"
site: "Diffcoin"
---

# Bitcoin (BTC) Price Analysis: Rangebound Trading Continues – 8 January 2024

**Bitcoin (BTC) Price Analysis: Rangebound Trading Continues – 8 January 2024**

**Bitcoin (BTC/USD)** extended its **rangebound technical** trading pattern early in the **Asian** session as the pair continued to trade near twenty-month **highs** recently established around the **45925.82** area. **Volatility** became **elevated** when **BTC/USD** recently **receded** to the **40625.68** area, causing **Stops** to be **elected below** the **40963.73** area. The **technical** significance of the **42230 level** continues to be **confirmed** as **BTC/USD orbits** this area, representing the **50% retracement** of the recent **depreciating range** from **69000** to **15460**. **Stops** were recently **elected below** the **43719**, **43037**, **42356**, **41386**, and **40963** areas during the **depreciation** after **BTC/USD peaked** around the **45925.82** area, a multi-month **high** dating to May 2022. Large **Stops** were also **elected below** the **44026**, **43986**, **43528**, **42788**, **42047**, **41143**, and **41131** areas, **downside price objectives** linked to recent **selling pressure** around the **45925** and **45519 levels**.

**Above** the market, **upside price objectives** remain the **46105**, **46487**, and **49161 levels**. **Bulls** continue to eye the **48647.72** area, representing the **61.8% retracement** of the **depreciating range** from the **all-time high** of **69,000** to **15460**. Following the new **relative high**, areas of **technical support** and potential **buying pressure** include the **39705**, **38735**, **37893**, and **35857 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 **above** the **200-bar MA (hourly)**.

Price activity is nearest the **50-bar MA** (4-hourly) at **43390.81** and the **100-bar MA** (Hourly) **43908.19**.

**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 **Bearishly below SlowD** while **MACD** is **Bearishly below MACDAverage.**

On **60-minute** chart, **SlowK** is **Bullishly above 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.*

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