Bitcoin price soared to $48,000 after the hacked SEC account’s tweet. BTC pared all gains, but uptrend support still remains intact near $45,200.
- Bitcoin surged towards the $47,800 and $48,000 resistance levels.
- The price is trading above $45,500 and the 100-hour simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) shows a major contraction triangle forming with resistance near $46,800.
- As long as the pair does not close below $45,000, it could continue to rise towards the $48,000 level.
Bitcoin price faces rejection
Bitcoin price started a new rise above the $45,500 resistance zone. BTC gained bullish momentum above the $46,000 and $46,500 levels after a hacked SEC account tweet about ETF approval.
After clarification there was a sharp rejection near $48,000. A high was made near $47,988 before the price began a new decline. It moved below the $47,000 and $46,500 levels. The price plunged towards the $45,000 support level.
A low was made near $44,828 and the price is currently rising. It has again crossed the 23.6% Fib retracement level of the recent decline from the $47,988 swing high to the $44,828 low.
Bitcoin is currently trading above $45,500 and the 100-hour simple moving average. Additionally, on the hourly chart of the BTC/USD pair, there is a major contraction triangle with resistance forming near $46,800. On the other hand, immediate resistance is near the $465,400 level. It is close to 50% of the Fib retracement level following the recent decline from the $47,988 swing high to the $44,828 low.
Source: TradingView.com BTCUSD
The first major resistance is at $46,800. A clear break above the $46,800 resistance level could lead the price to move towards the $47,200 resistance level. The next resistance is currently forming near $48,000. The price could go higher beyond the $48,000 level. The next major resistance level is $49,250.
Will there be more losses in BTC?
If Bitcoin fails to rise above the $46,800 resistance zone, it could begin a new downtrend. Immediate support for the downside is near the $45,550 level.
The next major support is at $45,200. A break below $45,200 could see the price gain bearish momentum. If stated, the price may fall towards the $44,800 support in the near term.
Technical indicators:
Hourly MACD – MACD is now losing speed in bearish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now below the 50 level.
Key support levels – $45,500, then $45,200.
Key resistance levels – $46,400, $46,800 and $47,200.
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