Introduction:
In the wake of the SEC drama, Bitcoin experienced a surge towards $48,000, triggered by a tweet from a hacked SEC account. However, the gains were short-lived as the cryptocurrency faced a sharp rejection. This blog post delves into the current state of Bitcoin prices, emphasizing the resilience of the uptrend around the $45,200 support level.
Key Price Movements:
Bitcoin’s price initially spiked towards the $47,800 and $48,000 resistance levels, trading above $45,500 and the 100 hourly Simple Moving Average. A significant contracting triangle is forming with resistance near $46,800 on the hourly chart of the BTC/USD pair (data feed from Kraken). Unless the price closes below $45,000, there is potential for further upward movement.
Rejection and Support Levels:
Following the initial surge, Bitcoin faced rejection near the $48,000 zone, forming a high at $47,988 before undergoing a fresh decline. The first major resistance stands at $46,800, and surpassing it could propel the price towards $47,200, with the $48,000 level serving as the next significant resistance. A close above $48,000 might signal further upward momentum, with the next major resistance at $49,250.
Potential Downside:
Should Bitcoin fail to breach the $46,800 resistance, a fresh decline may occur. Immediate support lies around $45,550, followed by the crucial $45,200 level. A move below $45,200 could instigate bearish momentum, potentially leading to a drop towards the $44,800 support in the near term.
Technical Indicators:
Hourly MACD: The MACD is currently losing pace in the bearish zone.
Hourly RSI: The RSI for BTC/USD is below the 50 level, indicating a cautious market sentiment.
Disclaimer:
This analysis serves as an educational resource and does not represent Coinlocally’s investment advice. Investors are urged to conduct thorough research and make informed decisions. The cryptocurrency market carries inherent risks, and any investments should be approached with diligence and caution. Use the information provided in this analysis at your own risk.
Source: Cryptonews.net
