Bitcoin (BTC) maintained pressure on a key resistance level during the Jan. 3 Wall Street open, with concerns of a potential price dip lingering. Data from Cointelegraph Markets Pro and TradingView showed BTC/USD trading above $97,000 as the U.S. session began. Following a rapid start to the new year and a retest of $96,000 as support, Bitcoin aimed to reclaim the 50-day simple moving average (SMA). At $96,740 at the time of writing, the 50-day SMA previously acted as support for over two months before being lost in late December. “Nice follow-through on the falling wedge breakout,” trading account SuperBro noted on X. “Careful not to get aggressive with longs into potential resistance, now we need to reclaim the 20 and 50 SMA and flip these back to support.” Other analysts anticipated that the trendline could regain its role as support, potentially fueling a continued bull run after last month’s cooldown. On shorter timeframes, however, trader Roman advised caution. “I think some of you are getting excited a bit too early,” he commented, analyzing four-hour charts. “We’ve got a low-volume pump with maxed stoch RSI. Generally means we come down a bit.” The stochastic relative strength index (RSI) exceeded the overbought 70 threshold, signaling potential short-term exhaustion. Fellow trader Daan Crypto Trades highlighted the 200-period SMA on the four-hour chart as a critical resistance level, with the 200-period EMA providing support. “Trading right around the high volume node. Meaning, most volume traded between these prices,” Daan explained on X. “Price moves easier when it breaks away from such a high volume area. The 4H 200MA is guarding the top side. I want to see this break above $98K+ to get the party started and start the run back to all-time highs. $95K is an important level to hold in the short term.”
