Bitcoin price rose more than 5% and cleared the $45,000 resistance level. BTC is showing positive signs amid rumors of EOD spot ETF approval.
- Bitcoin is gaining speed above the resistance levels of $44,000 and $44,400.
- The price is trading above $45,000 and the 100-hour simple moving average.
- On the hourly chart of the BTC/USD pair (data feed from Kraken), a break has occurred above the main rising channel with resistance near $43,500.
- The pair rose more than 5% after several rumors about the approval of a BTC spot ETF for EOD.
Bitcoin price rally above $45,000
Bitcoin price formed a base above the $41,200 level and started a new rise. BTC cleared several key barriers near $43,200 to enter bullish territory.
There are several rumors circulating that approval of the spot ETF could occur by the end of today. Due to this rumor, the price rose and surpassed the $44,000 level. A breakout also occurred above the main ascending channel with resistance near $43,500 on the hourly chart of the BTC/USD pair.
Bitcoin also cleared the $45,000 resistance level. A new multi-week high was made around $45,499 and the price is currently on an upward trend. It is trading well above the 23.6% Fib retracement level, rising from the $41,300 swing low to the $45,499 high.
Bitcoin is also trading above $45,000 and the 100-hour simple moving average. On the other hand, immediate resistance is close to the $45,500 level.
Source: TradingView.com BTCUSD
The first major resistance is at $46,000. The price could go higher once it breaks above the $46,000 level. The next major hurdle is $46,800. Any further gains above the $46,800 level could open the door for a move towards the $48,000 level.
Are dips in BTC attractive?
If Bitcoin fails to rise above the $45,500 resistance zone, a downward correction could begin. Immediate support for the downside is near the $45,000 level.
The next major support is near $44,500. A drop below $44,500 risks further losses. If indicated, the price may decline towards the $43,500 support level in the near term.
Technical indicators:
Hourly MACD – MACD is now picking up speed in bullish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now above the 50 level.
Key support levels – $45,500, then $46,800.
Key resistance levels – $45,000, $44,500 and $43,500.
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