Bitcoin Price Surges Above Key Resistance Levels
The price of Bitcoin has experienced a significant surge, surpassing resistance levels at $48,500 and $48,800. It is currently trading above $48,800 and the 100 hourly Simple Moving Average. On the hourly chart of the BTC/USD pair, a short-term rising channel is forming with support at $49,750.
Bitcoin Price Jumps 5%
Bitcoin’s price has remained in a positive zone above the $48,000 resistance level. The rally continued and the price climbed above the $48,800 resistance level. Eventually, it surpassed the $50,000 mark, reaching a new multi-week high at around $50,339. Although there was a minor decline below $50,000, the price remains above key levels of support.
Downside Correction Possible
If Bitcoin fails to rise above the resistance zone at $50,250, a downside correction may occur. Immediate support can be found near the $49,750 level or the trend line of the rising channel. The first major support level is at $49,000 and corresponds to the 50% Fibonacci retracement level of the recent rally. A close below this level could lead to further bearish momentum with a potential drop towards the $47,650 support.
Technical Indicators
The MACD on the hourly chart is showing a slowdown in bullish momentum. The RSI for BTC/USD is currently above 50, indicating positive strength in the market.
Hot Take: Bitcoin Surges Past Resistance Levels
The price of Bitcoin has experienced an impressive surge as it broke through key resistance levels and reached a multi-week high. With strong support levels in place, there is potential for further upward movement. However, a downside correction is also possible if the resistance zone at $50,250 is not breached. Traders should closely monitor the support and resistance levels to make informed decisions regarding their Bitcoin investments.
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