Bitcoin price climbed all the way up to $50,152 and went for a price correction and fell to $46,743. Currently, the price is trying to recover and can turn bullish if it manages to stabilize above $47,500. Here is a summary of Bitcoin price in the past 24 hours:
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- Bitcoin surpassed the $47,500 and $48,500 resistance levels.
- Currently, the price is over $48,000 and the 1-hour candles are above the SMA100.
- For the 1-hour chart, we see BTC has escaped a triangle pattern from the top at $47,800.
- In case BTC manages to stabilize above $47,500, it could grow in short-term.
Bitcoin Price Action Analysis
Bitcoin managed to turn bullish yesterday and surpass the crucial $48,500 resistance level. At some point, BTC moved beyond $49,500 and the highest recorded price is at $50,152. However, the $50,000 resistance level stopped the uptrend and caused a reversal. Subsequently, with a downtrend, BTC lost the $48,500 and $47,500 support levels. The lowest recorded price in the past few hours is at $46,743. In an attempt for recovery, the price climbed back up to the 50% Fibonacci retracement level from the latest fall from $50,152 to $46,743.
Currently, Bitcoin is above $48,000 and the 1-hour candles are above the SMA100. For the 1-hour chart, we can see BTC has escaped a triangle pattern from the top at $47,800. As of now, the price is hovering below the 50% Fibonacci retracement level from the latest fall.
The first resistance level is at $48,600 followed by $49,000. For a bullish scenario, the $49,500 and $50,200 are the next resistance levels to break. Further growth could bring the price closer to the $50,700. The next resistance level is at $51,500.
On the other hand, if Bitcoin price fails to surpass the $48,600, there could be a new downtrend. In that case, the first support level is expected at $48,200 followed by $47,700. After that, the $47,500 will support the price next. Further decline could bring the price down to $47,200. The next resistance level will be $46,500 for BTC.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on an upward movement.
RSI: the 1-hour relative strength index is currently above50.
Resistance levels: Right now, the $49,000, $49,500 and $50,000 are currently the crucial support levels for BTC.
Support levels: The $47,200 and $46,500 are currently the crucial support levels for the price.
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