Bitcoin prices touched off a new all-time high at 48373.00 a few minutes ago, but the price has been beaten back from this level as bulls seek to clear the previous ATH with a closing penetration.
Bitcoin prices are seeing renewed interest as Uber, General Motors, Tesla and the oldest bank in the US BNY Mellon, have acquired, indicated buying interest or plan to adopt Bitcoin in some form.
But as identified in my analysis yesterday, a selloff on the BTCUSD pair would only be achieved if a bearish outside day candle followed the evening star pattern. So far, this has not materialized, and Bitcoin prices have resumed the upside momentum.
Technical Levels to Watch
Price has tested resistance at 48270.05 (78.6% Fibonacci extension) and even staged an intraday violation of this level. However, we need to see a closing penetration of 3% by the active candle north of this resistance, for Bitcoin prices to attain the next upside barrier at 50729.16 (88.6% Fibonacci extension). Above this level, 53,532.53 could become an additional target to the upside.
On the flip side, failure to break the current resistance could see prices beaten back, targeting 44138.76 or 41237.02 (8 January high).
BTCUSD Daily Chart