Bitcoin Struggles to Break Resistance Levels
The price of Bitcoin is facing resistance at the $47,800 and $48,000 levels. However, it is still trading above $45,600 and the 100 hourly Simple Moving Average. On the hourly chart of the BTC/USD pair, there was a breakout above a major contracting triangle with resistance near $46,550.
If the bears continue to defend the $48,000 resistance level, there is a possibility of a fresh decline in the price.
Bitcoin Price Upsides Capped
Bitcoin’s price remained stable above the $45,500 resistance zone. The recent approval of all 11 spot ETFs by the SEC led to an increase in BTC’s value as it climbed higher above the $46,500 and $46,600 resistance levels.
Despite this, the bears were active near the $47,350 and $47,800 levels. The price formed a high near $47,699 and is now showing bearish signs with a minor decline below the $47,000 level.
The price is currently trading above $45,600 and the 100 hourly Simple Moving Average. The immediate resistance is at the $47,000 level and a clear move above this could send the price toward the $47,800 resistance level.
Source: BTCUSD on TradingView.com
The next resistance level forming is near $48,000. If there is a close above this level, it could lead to further price increases with the next major resistance sitting at $49,250.
Another Decline in BTC?
If Bitcoin fails to surpass the $47,350 resistance zone, it could initiate a fresh decline. The immediate support on the downside is near the $46,550 level.
The next major support is at $46,000 or the 50% Fib retracement level of the recent increase. If the price drops below $46,000, it could gain bearish momentum and potentially drop toward the $45,150 support level in the near future.
Technical indicators:
– Hourly MACD – The MACD is now losing pace in the bullish zone.
– Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $46,500, followed by $46,000.
Major Resistance Levels – $47,000, $47,350, and $47,800.
Hot Take: Bitcoin Faces Resistance at Key Levels
Bitcoin’s struggle to break through resistance levels at $47,800 and $48,000 raises concerns about a potential decline. Despite trading above key support levels and showing some bullish signs initially, the bears are preventing a significant price increase. The approval of all 11 spot ETFs by the SEC provided a temporary boost to Bitcoin’s value. However, further price gains are dependent on breaking through resistance levels. Failure to do so may result in a fresh decline with immediate support near $46,550. Traders should closely monitor these key levels for potential trading opportunities.
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