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Home»BITCOIN NEWS»Could Bitcoin price rise to $46,000 and extend the upward trend to $48,000?
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Could Bitcoin price rise to $46,000 and extend the upward trend to $48,000?

By Crypto FlexsFebruary 9, 20243 Mins Read
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Could Bitcoin price rise to ,000 and extend the upward trend to ,000?
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Bitcoin price is rising above the $45,500 resistance level. BTC has tested $46,000 and could extend its uptrend towards $48,000 resistance.

  • Bitcoin price rose above the resistance levels of $44,500 and $45,000.
  • 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), there is a key connecting bullish trendline forming through support at $45,480.
  • A break above the $46,000 resistance area could continue the rise.

Bitcoin price rises 5%

Bitcoin price began to rise steadily above the $43,500 resistance zone. BTC cleared several hurdles near the $44,000 and $44,200 levels to move into positive territory.

The bulls gained strength and could push the price above the $45,000 resistance. It was trading close to the $46,000 level. A multi-day high has been established near $45,955 and the price is showing signs of rising further in the near term.

Bitcoin is trading well above the 23.6% Fib retracement level, having recently surged from the $42,765 swing low to the $45,955 high. It is also trading above $45,000 and the 100-hour simple moving average.

Moreover, on the hourly chart of the BTC/USD pair, there is a key connecting bullish trendline with support at $45,480. Immediate resistance is near the $46,000 level. The next major resistance could be $46,200, above which the price could begin another significant rally.

Source: TradingView.com BTCUSD

The next stop for the bulls could possibly be $46,850. A clear break above the $46,850 resistance level could lead the price to move towards the $47,500 resistance level. The next resistance could be near the $48,000 level.

Fixing BTC’s shortcomings?

If Bitcoin fails to rise above the $46,000 resistance zone, a downward correction could begin. Immediate support for the downside lies near the $45,500 level or trendline.

The first major support is at $44,400, which is the 50% Fib retracement level of the recent surge from $42,765 to $45,955. The price could gain bearish momentum if it closes below $44,400. If stated, the price may plunge towards the $43,500 support.

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 $44,400.

Key resistance levels – $46,000, $46,200 and $47,500.

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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