The price of Bitcoin is showing signs of strength as it surges above the critical resistance level of $45,500. BTC even tested the $46,000 mark and appears poised to extend its rally towards the next significant resistance level at $48,000.
Bitcoin’s upward momentum gained traction as it surpassed key resistance barriers at $44,500 and $45,000. Currently, the price is comfortably trading above $45,000 and the 100-hourly Simple Moving Average (SMA), indicating a bullish trend in the short term.
On the hourly chart of the BTC/USD pair sourced from Kraken, there is a notable bullish trend line forming, with a crucial support level near $45,480. This trend line underscores the potential strength of the ongoing bullish momentum, providing a solid foundation for further upside moves.
In the near future, if Bitcoin manages to clear the resistance zone around $46,000, it could pave the way for continued upward movement. Traders and investors will closely monitor price action around this critical level to gauge the potential for a sustained rally towards higher price targets.
Bitcoin Price Jumps 5%
Bitcoin’s price has exhibited a steady upward trajectory, surmounting key resistance levels along the way. After surpassing the $43,500 resistance zone, BTC overcame obstacles around $44,000 and $44,200, marking a shift into positive territory.
Bullish momentum gained traction as the price ascended above the crucial $45,000 resistance, edging close to the $46,000 mark. This surge culminated in a new multi-day high near $45,955, suggesting potential for further upward movement in the near future.
Notably, Bitcoin remains comfortably above the 23.6% Fibonacci retracement level, calculated from the recent surge originating from the $42,765 swing low to the $45,955 high. Additionally, it continues to trade above both the $45,000 psychological level and the 100-hourly Simple Moving Average (SMA).
On the hourly BTC/USD chart, a significant bullish trend line has emerged, offering a strong support level around $45,480. Immediate resistance looms near the $46,000 threshold, with the next key resistance projected at $46,200. Surpassing this level could spark another substantial uptick in price.
Looking ahead, bullish sentiment may drive Bitcoin’s price towards the $46,850 mark. A decisive breach above this resistance could propel the price towards the $47,500 level, followed by potential resistance near $48,000. These levels will be closely monitored by traders and investors to assess the strength of the ongoing bullish trend in Bitcoin’s price.
Downside Correction In BTC?
Should Bitcoin encounter resistance at the $46,000 level, it might initiate a downside correction. Immediate support awaits near the $45,500 mark or the established trend line.
The primary support level lies at $44,400, aligned with the 50% Fibonacci retracement level of the recent upswing from the $42,765 low to the $45,955 high. A breach below $44,400 could catalyze bearish momentum, potentially leading the price towards the $43,500 support level.
Technical indicators paint a cautiously optimistic picture. The hourly Moving Average Convergence Divergence (MACD) indicator is currently gaining momentum in the bullish zone, indicating upward pressure. Additionally, the hourly Relative Strength Index (RSI) for BTC/USD sits above the 50 level, reflecting favorable buying sentiment.
Key support levels to monitor include $45,500, followed by $44,400, while notable resistance levels lie at $46,000, $46,200, and $47,500. These levels will be closely watched by traders to gauge the strength of the prevailing market trend and potential price movements.
