Bitcoin price continued upwards above the $47,000 level. At this point, BTC looks bullish and is moving to surpass $50,000. Here is a summary of Bitcoin price in the past 24 hours:
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- Bitcoin surpassed the key resistance level of $45,500.
- Currently, the price is above $46,500 and the 1-hour candles are above the SMA100.
- On the 1-hour chart, we see a new uptrend with support level at $46,200.
- The rally is likely to continue as BTC is moving toward $50,000
Bitcoin Price Action Analysis
BTC managed to remain above the $45,500 support level and subsequently form a new rally. The price surpassed the $46,500 and with it, BTC stabilized above the SMA100. Finally, with a spike above $48,000, Bitcoin reached a 24-h high of $48,200. Currently, the price is having a small correction.
Following that, BTC dipped below $48,000 and the price went below the 23.6% Fibonacci retracement level from the latest rise from $44,470 to $48,200. Furthermore, we can see BTC forming a new uptrend on the 1-hour chart with support level at $46,200.
The first resistance level for the price is at $48,000 followed by $48,200. Surpassing this level would bring BTC all the way up to $49,000. The next resistance level will be $49,500 before reaching the $50,000 key level.
On the other hand, if Bitcoin price fails to surpass $48,200, there will be a new price correction on the way. In this case, the first support level is at $47,000 followed by a key level at $46,350. This level is near the 50% Fibonacci retracement level from the latest correction. However, the $46,000 is the crucial support level for BTC that is also on the SMA100. Dipping below this level would bring BTC all the way down to $45,000.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on a downward momentum.
RSI: the 1-hour relative strength index is currently above 50.
Resistance levels: Right now, the $48,200, $49,000 and $50,000 are the crucial resistance levels for BTC.
Support levels: The $47,000 and $46,000 are currently the key support levels for the price.
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