Bitcoin Price Surges Above Resistance Levels
The price of Bitcoin has experienced a significant increase, surpassing the resistance levels at $46,500 and $48,000. Currently, the price is trading above $47,500 and the 100 hourly Simple Moving Average, indicating a positive trend. On the hourly chart of the BTC/USD pair, a bullish trend line is forming with support at $48,000.
Bitcoin Price Turns Green
Bitcoin price initiated a major surge above the $45,500 resistance zone. It successfully cleared obstacles at $46,000 and $47,200 to enter a positive territory. The bulls gained momentum and pushed the price above the $48,000 resistance level. The price even reached a multi-week high near $48,775 before consolidating its gains. Although there was a slight decline below $48,500, Bitcoin is now trading above $47,500 and the 100 hourly Simple Moving Average.
Potential Upside Targets for Bitcoin
The next target for Bitcoin could be around $49,250 if the bullish momentum continues. A break above the resistance at $49,250 might push the price towards the next resistance level at $49,800. Thereafter, the price could potentially reach the psychological level of $50,000.
Possible Downside Correction
In case Bitcoin fails to surpass the resistance zone at $48,800, it may undergo a downside correction. The immediate support level on the downside is around $48,000 or the bullish trend line. If there is a close below $47,650 support level, it could lead to bearish momentum and push the price towards the support level at $46,500.
Technical Indicators
The hourly MACD indicator is currently losing pace in the bullish zone, suggesting a potential slowdown in the upward movement of the price. The Relative Strength Index (RSI) for BTC/USD is hovering around the 50 level.
Hot Take: Bitcoin Price Climbs Higher, But Faces Resistance
The price of Bitcoin has experienced a significant surge, surpassing key resistance levels. However, there is a possibility of a downside correction if the price fails to break above the resistance zone. Bulls are targeting further upside targets, with $49,250 being the next potential level. On the other hand, a close below support at $47,650 could indicate bearish momentum and push the price lower towards $46,500. Traders should closely monitor these levels for potential trading opportunities.
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