Bitcoin Price Climbs To $46K, Uptrend Could Extend To $48K?

Bitcoin price is gaining pace above the $45,500 resistance. BTC tested $46,000 and could extend its rally toward the $48,000 resistance.

• Bitcoin price climbed higher above the $44,500 and $45,000 resistance levels.
• The price is trading above $45,000 and the 100 hourly Simple moving average.
• There is a key connecting bullish trend line forming with support at $45,480 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could continue to move up if it clears the $46,000 resistance zone.

Bitcoin Price Jumps 5%

Bitcoin price started a steady increase above the $43,500 resistance zone. BTC cleared a few hurdles near the $44,000 and $44,200 levels to move into a positive zone.

The bulls gained strength and were able to pump the price above the $45,000 resistance. It traded close to the $46,000 level. A new multi-day high is formed near $45,955 and the price is showing signs of more gains in the near term.

Bitcoin is trading well above the 23.6% Fib retracement level of the recent surge from the $42,765 swing low to the $45,955 high. It is also trading above $45,000 and the 100 hourly Simple moving average.

Besides, there is a key connecting bullish trend line forming with support at $45,480 on the hourly chart of the BTC/USD pair. Immediate resistance is near the $46,000 level. The next key resistance could be $46,200, above which the price could start another decent increase.

Source: BTCUSD on TradingView.com

The next stop for the bulls may perhaps be $46,850. A clear move above the $46,850 resistance could send the price toward the $47,500 resistance. The next resistance could be near the $48,000 level.

Downside Correction In BTC?

If Bitcoin fails to rise above the $46,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $45,500 level or the trend line.

The first major support is $44,400 and the 50% Fib retracement level of the recent surge from the $42,765 swing low to the $45,955 high. If there is a close below $44,400, the price could gain bearish momentum. In the stated case, the price could dive toward the $43,500 support.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $45,500, followed by $44,400.

Major Resistance Levels – $46,000, $46,200, and $47,500.

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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