Bitcoin gained pace above the $47,000 resistance against the US Dollar. BTC is showing positive signs and might rally towards the $50,000 resistance zone.

  • Bitcoin saw a major technical breakout above the $45,500 resistance zone.
  • The price is trading above $46,500 and the 100 hourly simple moving average.
  • There is a crucial bullish trend line forming with support near $46,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue to rise and might trade towards the $50,000 resistance zone.

Bitcoin Price Breaks $48K

Bitcoin price remained strong above the $45,500 resistance zone. BTC started a fresh increase and was able to clear the $46,500 resistance zone.

The upward move gained pace above the $46,500 level and the price settled above the 100 hourly simple moving average. Finally, it spiked above the $48,000 level. A high was formed near $48,200 and the price is now consolidating gains.

There was a minor drop below the $48,000 level. Bitcoin traded below the 23.6% Fib retracement level of the upward move from the $44,470 swing low $48,200 high. Besides, there is a crucial bullish trend line forming with support near $46,200 on the hourly chart of the BTC/USD pair.

On the upside, the price is facing resistance near the $48,000 level. The next major resistance could be near the $48,200 zone. A successful break and close above the $48,200 level might push the price towards $49,000.

Bitcoin Price

Source: BTCUSD on TradingView.com

The next major resistance could be near the $49,500 level. Any more gains could open the doors for a move towards the…


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