Comprehensive BTC/USD Analysis for January 10, 2024

In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the BTC/USD for 10th January 2024. 

BTC/USD Key Takeaways

• Fat-finger error: In the early hours of this morning, Beijing time, the U.S. Securities and Exchange Commission (SEC) tweeted on the social platform X that it had approved a Bitcoin ETF. As soon as the news came out, the market price soared to $48,000. But a few minutes later, Gensler, chairman of the SEC, urgently tweeted that the official account had been hacked and an unauthorized tweet was posted. The SEC has not yet approved the listing of a Bitcoin spot ETF. Bitcoin plunged by US$3,000, and caused the entire network to liquidate over US$40 million in one hour. 
• The approval of ETF: The market is focusing on the approval of the first Bitcoin ETF. If the ETF is rejected, the deadline for the next batch of applications will be in March. The overall market expectations are currently betting that the ETF will be approved smoothly, and we are wary of the fact that there will be buying in anticipation and selling after the fact. 

BTC/USD Technical Analysis 

BTC/USD Weekly Chart Insights

• Stochastic Oscillator: The fast and slow lines began to entangle in the oversold area, suggesting that the current bullish sentiment may slow down. However, you cannot enter short positions until the indicator is completely out of the overbought area. 
• Key price level: The price hit $48,000, which was the starting point of the plunge in March 2022. As a resistance level of weekly chart. It may be difficult for the price to break through. Even if it breaks through this week, we must be wary of the probability of falling back again. 

BTC/USD 4-hour Chart Analysis

• Stochastic Oscillator: The indicator sends a short signal in the overbought area, and at the same time forms a top divergence from the market price, suggesting that the market may fluctuate and adjust this week. 
• Key support level: Currently, BTCUSD is looking towards the level of 44613, and the market price has repeatedly fluctuated around this price. In addition, the red 33-period moving average is also near this price. If the market price is blocked at this price, there is still hope of breaking through the previous high, otherwise it may enter a consolidation trend. 

Trading Central Pivot Indicator

• According to the trading central in Ultima Markets APP, the central price of the day is established at 46520, 
• Bullish Scenario: Bullish sentiment prevails above 46520, first target 47300, second target 47760; 
• Bearish Outlook: In a bearish scenario below 46520, first target 44800, second target 44340. 

Conclusion