Bitcoin has initiated a renewed upward movement, surpassing the crucial $43,500 resistance zone. The bullish momentum strengthened as BTC surged past the $44,000 and $44,500 levels, propelling it into a positive trajectory.
A noteworthy development occurred with the break above a significant contracting triangle that had resistance around $44,000, as observed on the BTC/USD pair’s hourly chart. This breakthrough prompted a notable surge to a new multi-day high of $47,306, and the current scenario involves a consolidation of these gained profits.
As of now, Bitcoin is trading above $45,000 and the 100 hourly Simple Moving Average (SMA). Additionally, it has positioned itself above the 23.6% Fibonacci retracement level, calculated from the upward movement between the $43,208 swing low and the $47,306 high.
Looking at potential resistance levels, the immediate hurdle is around $47,000, followed by a more substantial barrier at $47,200. A clear breach beyond the $47,200 resistance may propel the price toward the $48,000 mark. Beyond this point, a new resistance is shaping up near $48,800.
A decisive close above the $48,800 level holds the potential to drive the price even higher. The subsequent major resistance point stands at $49,250, and further gains beyond this level could pave the way for an ascent toward the coveted $50,000 milestone.
However, there remains a cautious outlook. Should Bitcoin struggle to overcome the $47,200 resistance zone, it might initiate a fresh decline. Initial support on the downside is anticipated around the $46,400 level, followed by a more significant support zone near $45,900. A breach below $45,900 could trigger bearish momentum, leading the price toward the $45,250 support or the 50% Fibonacci retracement level in the near term.
Traders and enthusiasts are keeping a close eye on these key levels to gauge the short-term trajectory of Bitcoin’s price movement.
| Resistance Levels | Bitcoin Price (USD) |
|---|---|
| Immediate | $47,000 |
| Major | $47,200 |
| Potential Breakthrough | $48,000 |
| Next Major | $48,800 |
| Further Resistance | $49,250 |
| Potential Milestone | $50,000 |
| +————————–+————————+ | |
| Support Levels | |
| ————————–+———————— | |
| Immediate | $46,400 |
| Major | $45,900 |
| Bearish Momentum Trigger | Below $45,900 |
| Potential Decline Levels | $45,250 or 50% Fib Retracement |
| +————————–+————————+ |