Bitcoin Faces Resistance at $48,000
The price of Bitcoin made a strong upward move, surpassing the $45,500 resistance level. This surge was triggered by a tweet from a hacked SEC account that falsely claimed ETF approval. However, the price faced rejection near the $48,000 zone and started to decline. It dropped below the $47,000 and $46,500 levels before finding support at $45,000.
Currently, Bitcoin is trading above $45,500 and the 100 hourly Simple Moving Average. On the hourly chart, there is a major contracting triangle forming with resistance around $46,800. The immediate resistance level is at $46,400, followed by $46,800 and $47,200. If these resistance levels are breached, the price could continue to rise towards the next major resistance at $48,000.
If Bitcoin fails to break above the $46,800 resistance level, it may experience further losses. The immediate support on the downside is at $45,550, with a major support level at $45,200. A drop below this support could lead to bearish momentum and a potential decline towards the $44,800 support.
Technical Indicators
The MACD indicator on the hourly chart is currently in the bearish zone and losing pace. The RSI for BTC/USD has dipped below the 50 level.
Major Support Levels: $45,500, $45,200
Major Resistance Levels: $46,400, $46,800, $47,200
Hot Take: Bitcoin Faces Resistance After False ETF Approval Tweet
The price of Bitcoin experienced a surge after a hacked SEC account falsely claimed ETF approval. However, this upward movement was short-lived as the price faced rejection near the $48,000 resistance level. Bitcoin is currently trading above $45,500 and the 100 hourly Simple Moving Average. It is crucial for the price to break above the $46,800 resistance level to continue its upward trajectory. Otherwise, Bitcoin may face further losses and drop towards the $45,200 support level. Technical indicators suggest a bearish trend with the MACD in the bearish zone and the RSI below 50.
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