Bitcoin price traded to a new weekly low of $ 44,012 before making up for losses against the US dollar. BTC is back above USD 47,000 and could attempt to break the USD 48,000 resistance.

  • Bitcoin started a neat surge above the $ 45,500 and $ 46,000 resistance levels.
  • The price is now trading above $ 46,000 and the 100-hour simple moving average.
  • The hourly chart of the BTC / USD pair (data feed from Kraken) broke through a major bearish trendline with resistance near USD 45,500.
  • The pair could continue to accelerate higher if it breaks the $ 48,000 resistance zone in the short term.

Bitcoin price sees other advantages

Bitcoin price extended its decline below the $ 44,200 support zone. However, the BTC bulls were active above the $ 44,000 mark. A low was formed at $ 44,012 before the price started rising again.

There has been a steady rise above the $ 45,000 and $ 45,500 resistance levels. The price exceeded the 50% fib retracement level of the main decline from the high of $ 48,100 to the low of $ 44,012. The hourly chart for the BTC / USD pair also broke through a major bearish trendline with resistance near $ 45,500.

Bitcoin price is now trading above $ 46,000 and the 100-hour simple moving average. It even trades above the 76.4% fib retracement level of the main decline from the high of $ 48,100 to the low of $ 44,012.

Source: BTCUSD on TradingView.com

On the flip side, immediate resistance is near the $ 47,500 mark. The first major resistance is near $ 48,000 and the final major swing high is near $ 48,100. To go further up, price needs to break the $ 48,000 resistance zone. The next big stop for the bulls could be at $ 50,000.

Dips in BTC supported?

If Bitcoin fails to climb above the USD 48,000 and USD 48,100 resistance levels, it could see a downward correction. Initial support on the downside is near the $ 46,800 mark.

The first major support is now near the $ 46,500 zone. The next major support is now near the $ 46,000 mark and the 100-hour SMA. If there is a significant break below $ 46,000, the price could revisit the $ 45,000 support zone.

Technical indicators:

Hourly MACD – The MACD is picking up pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is now well above the 60 mark.

Major Support Levels – $ 46,500, followed by $ 46,000.

Main Resistance Levels – $ 47,500, $ 48,000, and $ 48,100.

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