Bitcoin Continues to Rise, Approaching $46,000 Level
The price of Bitcoin has seen an extension of its increase and is now trading close to the $46,000 level. It is currently trading above $45,000 and the 100 hourly Simple Moving Average (SMA).
Bullish Flag Formation Indicates Potential for Fresh Increase
A key bullish flag is forming with resistance near $45,300 on the hourly chart of the BTC/USD pair. This suggests that the pair could start a fresh increase unless there is a correction wave below $44,800.
Bitcoin Price Eyes Further Upsides
Bitcoin’s price has started a fresh increase, breaking through resistance levels at $44,000 and $44,500. The price even surpassed $45,000, entering a bullish zone.
Although there was a minor downside correction from the high of $45,900, Bitcoin remains above $45,000 and the 100 hourly SMA. Immediate resistance lies near the $45,300 level.
Possible Downside Correction in BTC
If Bitcoin fails to rise above the $45,300 resistance zone, it could experience a downside correction. The immediate support on the downside is near the $44,800 level.
A move below $44,000 would pose a risk of further losses. In this case, the price could drop towards the $43,600 support or even reach the 50% Fib retracement level of the upward move from the swing low of $41,300 to the high of $45,900.
Technical Indicators and Key Levels
The MACD indicator shows that Bitcoin is losing pace in the bullish zone on an hourly basis. The RSI for BTC/USD is currently above the 50 level.
The major support levels to watch are $44,800 and $44,000, while the major resistance levels are $45,300, $46,000, and $46,800.
Hot Take: Bitcoin’s Bullish Momentum Continues
Bitcoin’s price has shown strength by extending its increase and trading close to the $46,000 level. With the formation of a bullish flag and the price trading above key support levels, there is potential for a fresh increase in the near term. However, a downside correction is also possible if Bitcoin fails to break through resistance at $45,300. Traders should keep an eye on these levels and monitor technical indicators for further insights into Bitcoin’s price movement.
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