Bitcoin price remained ranged above the $45,000 support line. BTC failed to rise above the $48,000 resistance level despite the spot ETF approval.
- Bitcoin is still struggling to break through the resistance levels of $47,800 and $48,000.
- The price is trading above $45,600 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 contraction triangle with resistance near $46,550.
- If the bears continue to defend the $48,000 resistance, the pair could begin a new downtrend.
Bitcoin price rise limited
Bitcoin price remained stable above the $45,500 resistance zone. Finally, the SEC approved all 11 cash ETFs. After the news broke, BTC rose above the $46,500 and $46,600 resistance levels.
On the hourly chart of the BTC/USD pair, a breakout occurred above a major contraction triangle with resistance near $46,550. However, bears are still active near the $47,350 and $47,800 levels. Highs were made near $47,699 and the price is currently showing some signs of weakness.
It fell slightly below the $47,000 level. Bitcoin fell below the 23.6% Fib retracement level from the recent swing low of $44,333 to a high of $47,699.
The price is currently trading above $45,600 and the 100-hour simple moving average. Meanwhile, immediate resistance is close to the $47,000 level. The first major resistance is at $47,350. A clear break above the $47,350 resistance may lead the price to move towards the $47,800 resistance.
Source: TradingView.com BTCUSD
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.
Another drop in BTC?
If Bitcoin fails to rise above the $47,350 resistance zone, it could begin a new downtrend. Immediate support for the downside is near the $46,550 level.
The next major support is $46,000, or the 50% Fib retracement level from the recent swing low of $44,333 to the high of $47,699. A break below $46,000 could see the price gain bearish momentum. If indicated, the price may decline towards the $45,150 support level in the near future.
Technical indicators:
Hourly MACD – MACD is now losing speed in bullish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now above the 50 level.
Key support levels – $46,500, then $46,000.
Key resistance levels – $47,000, $47,350 and $47,800.
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