Home CryptocurrencyAnalysis Bitcoin Price Reclaims $48,000, But Can Bulls Drive BTC To $50,000?

Bitcoin Price Reclaims $48,000, But Can Bulls Drive BTC To $50,000?

by SuperiorInvest

Bitcoin price rose above the $48,000 resistance. BTC tested $48,800 and is currently showing signs of a downward correction.

  • Bitcoin price rose above the $46,500 and $48,000 resistance levels.
  • The price is trading above $47,500 and the 100 hourly simple moving average.
  • A key bullish trend line is forming with support at $48,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue to rise unless it closes below the $48,000 support.

Bitcoin price turns green

Bitcoin price started a major rise above the $45,500 resistance zone. BTC cleared some hurdles near the $46,000 and $47,200 levels to move further into a positive zone.

The bulls gained strength and were able to push the price above the $48,000 resistance. He tested the $48,800 zone. A new multi-week high formed near $48,775 and the price is now consolidating gains. There was a small drop below the $48,500 level.

The price fell below the 23.6% Fibonacci retracement level of the recent wave from the low of $46,602 to the high of $48,775. Bitcoin price is now trading above $47,500 and the 100 hourly simple moving average.

There is also a key bullish trend line forming with support at $48,000 on the hourly chart of the BTC/USD pair. The immediate resistance is near the $48,500 level. The next key resistance could be $48,800, above which the price could start another decent rise.

Source: BTCUSD on TradingView.com

The next stop for the bulls may be the $49,250 level. A clear move above the $49,250 resistance could send the price towards the $49,800 resistance. The next resistance could be near the $50,000 level.

Downward correction in BTC?

If Bitcoin fails to break above the $48,800 resistance zone, it could start a downward correction. Immediate support on the downside is near the $48,000 level or the trend line.

The first major support is $47,650 and the 50% Fibonacci retracement level of the recent wave from the low of $46,602 to the high of $48,775. If there is a close below $47,650, the price could gain bearish momentum. In the indicated case, the price could fall towards the $46,500 support.

Technical indicators:

MACD Hourly: The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level.

Main support levels: $48,000, followed by $47,650.

Main resistance levels: $48,500, $48,800 and $50,000.

Disclaimer: The article is provided for educational purposes only. It does not represent NewsBTC's views on whether to buy, sell or hold investments, and investing naturally carries risks. It is recommended that you conduct your own research before making any investment decisions. Use the information provided on this website at your own risk.

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