Home CryptocurrencyAnalysis Bitcoin price rises to $46,000, could the uptrend extend to $48,000?

Bitcoin price rises to $46,000, could the uptrend extend to $48,000?

by SuperiorInvest

Bitcoin price is gaining pace above the $45,500 resistance. BTC tested $46,000 and could extend its rally towards the $48,000 resistance.

  • Bitcoin price rose above the $44,500 and $45,000 resistance levels.
  • The price is trading above $45,000 and the 100 hourly simple moving average.
  • There is a key bullish trend line forming connecting to the support at $45,480 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue to rise if it breaks the $46,000 resistance zone.

Bitcoin price rises 5%

Bitcoin price started a steady rise above the $43,500 resistance zone. BTC cleared some hurdles near the $44,000 and $44,200 levels to move into a positive zone.

The bulls gained strength and were able to push the price above the $45,000 resistance. It traded near the $46,000 level. A new multi-day high forms near $45,955 and the price is showing signs of further gains in the near term.

Bitcoin is trading well above the 23.6% Fibonacci retracement level of the recent rise from the low of $42,765 to the high of $45,955. It is also trading above $45,000 and the 100 hourly simple moving average.

Furthermore, a key bullish trend line is forming that connects to the support at $45,480 on the hourly chart of the BTC/USD pair. The immediate resistance is near the $46,000 level. The next key resistance could be $46,200, above which the price could start another decent rise.

Source: BTCUSD on TradingView.com

The next stop for the bulls may be $46,850. A clear move above the $46,850 resistance could send the price towards the $47,500 resistance. The next resistance could be near the $48,000 level.

Downward correction in BTC?

If Bitcoin fails to break above the $46,000 resistance zone, it could start a downward correction. Immediate support on the downside is near the $45,500 level or the trend line.

The first major support is $44,400 and the 50% Fibonacci retracement level of the recent rise from the low of $42,765 to the high of $45,955. If there is a close below $44,400, the price could gain bearish momentum. In the indicated case, the price could fall towards the $43,500 support.

Technical indicators:

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

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

Main support levels: $45,500, followed by $44,400.

Main resistance levels: $46,000, $46,200 and $47,500.

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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