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.
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