Bitcoin Price Surges Above Resistance Levels
The price of Bitcoin has experienced a significant increase, surpassing the $44,500 and $45,000 resistance levels. It is currently trading above $45,000 and the 100 hourly Simple Moving Average. On the hourly chart of the BTC/USD pair, there is a key connecting bullish trend line with support at $45,480.
Bitcoin Price Jumps 5%
Bitcoin’s price has steadily risen above the $43,500 resistance zone. The bulls have gained strength and pushed the price above $45,000, reaching close to $46,000. A new multi-day high of around $45,955 has been formed. Bitcoin is trading well above the 23.6% Fibonacci retracement level and the 100 hourly Simple Moving Average.
The next key resistance levels for Bitcoin could be at $46,200 and $46,850. If these levels are surpassed, further gains could be expected towards the $47,500 and $48,000 resistance levels.
Downside Correction In BTC?
If Bitcoin fails to break above the $46,000 resistance zone, a downside correction may occur. The immediate support on the downside is near the $45,500 level or the trend line. The first major support level is at $44,400 and the 50% Fibonacci retracement level.
If there is a close below $44,400, bearish momentum could increase and push the price towards the $43,500 support level.
Technical Indicators
The MACD indicator on the hourly chart is in the bullish zone and gaining pace. The Relative Strength Index (RSI) for BTC/USD is above the 50 level.
Major support levels for Bitcoin are at $45,500 and $44,400, while major resistance levels are at $46,000, $46,200, and $47,500.
Hot Take: Bitcoin Price Continues to Rise Amidst Bullish Momentum
The price of Bitcoin has surged above key resistance levels and is trading above the 100 hourly Simple Moving Average. The bulls have gained strength and pushed the price close to the $46,000 level. If this bullish momentum continues and the price clears the $46,000 resistance zone, further gains could be expected towards $47,500 and beyond.
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