Bitcoin price managed to reach $48,500 in a strong bull run before a price correction. In case the price stabilizes above $46,500, the bull run can continue. Here is a summary of Bitcoin price in the past 24 hours:
- Bitcoin price surpassed the $44,400, $45,500 and $47,000 resistance levels.
- Currently, BTC is above $47,000 and the 1-hour price candles are above the SMA100.
- For the 1-hour chart, we see a strong uptrend with support at $46,500.
- In cast BTC stabilizes above $46,500, the price could grow in short-term.
Bitcoin Price Action Analysis
With a strong bull run, Bitcoin managed to break through the $44,400, $45,500 and $47,000 resistance levels. At some point, BTC touched $48,528. However, with a price correction, it fell as low as $47,400.
Currently, BTC is above $47,00 and the 1-hour candles are well above the SAM100. For the 1-hour chart, we can see a crucial uptrend with support level at $46,500 and resistance level at $49,500.
The first resistance level is located at $47,900 followed by $48,500. In case the price fails to go beyond these levels, the correction will continue. For that scenario, the first support level is near the $47,200. This level is near the 23.6% Fibonacci retracement level from the latest rise from $42,588 to $48,528.
Following that, the $46,500 will support BTC. This level is near the support level for the uptrend and in case of failure, further decline will follow. The next support levels are $45,800, $45,000 and $44,400. The $44,400 is near the 50% Fibonacci retracement level. The next support level at that point is at $43,700.
On the other hand, if Bitcoin successfully surpasses the $47,900, there will be another bull run. With that, the first resistance level is at $48,600. Following that, the $49,500 near the resistance level of the uptrend will resist the growth. Breaking through these levels, BTC can go above $50,000 as the next resistance levels are $50,400, $51,100 and $51,500.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on a downward movement.
RSI: the 1-hour relative strength index is currently above 66.
Resistance levels: Right now, the $49,500 is the crucial resistance levels to beat.
Support levels: the $47,000 and $46,500 are important support levels that will cause further decline if they are broken.
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