- Bitcoin price started a strong increase above the $45,000 zone against the US Dollar.
- The price is now trading above $45,200 and the 55 simple moving average (4 hours).
- There was a break above a key contracting triangle with resistance near $44,300 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase).
- The pair could continue to rise if it stays above the $44,300 support zone.
Bitcoin price is showing positive signs above $45,000 against the US Dollar. BTC might correct lower, but dips could be limited below the $44,300 zone.
Bitcoin Price Analysis
Bitcoin price started a strong increase above the $43,500 resistance zone. The price remained stable above the $44,000 level and traded in a positive zone.
Besides, there was a break above a key contracting triangle with resistance near $44,300 on the 4-hour chart of the BTC/USD pair. There was a clear move above the $46,000 level and the 55 simple moving average (4 hours). The price even rallied above the $47,000 resistance zone.
However, the price seems to be struggling near the $48,000 zone. A high was formed near $47,900 and the price is now consolidating gains. The price traded below $47,000 but it is still above the 50% Fib retracement level of the upward move from the $43,200 swing low to the $47,900 high.
Bitcoin is now trading above $45,200 and the 55 simple moving average (4 hours). Immediate resistance on the upside is near the $46,500 level. The first major resistance is near the $47,000 level, above which the price could rise toward the $47,800 zone.
Any more gains might send the price toward the $48,500 zone. If there is no upside break, the price might start a downside correction below $45,550.
The next key support is near the $44,300 level or the 76.4% Fib retracement level of the upward move from the $43,200 swing low to the $47,900 high. Any more losses might call for a move toward the $41,250 level.
Looking at the chart, Bitcoin price is trading above $45,000 and the 55 simple moving average (4 hours). Overall, the price could continue to rise if it stays above the $44,300 support zone.
Technical Indicators
4 hours MACD – The MACD is now gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.
Key Support Levels – $45,500 and $44,300.
Key Resistance Levels – $46,500, $47,000, and $48,000.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
- PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
- PlatoESG. Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
- PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
- Source: https://www.livebitcoinnews.com/bitcoin-price-analysis-btc-rallies-toward-48k-eyes-more-upsides/
- :is
- 000
- 200
- 250
- 300
- 50
- 500
- 900
- a
- above
- against
- analysis
- and
- any
- At
- average
- BE
- below
- Bitcoin
- Bitcoin News
- Bitcoin Price
- Bitcoin Price Analysis
- Break
- BTC
- BTC/USD
- Bullish
- but
- call
- Chart
- clear
- coinbase
- consolidating
- continue
- contracting
- correct
- could
- data
- Dollar
- downside
- Even
- Eyes
- First
- For
- formed
- from
- gaining
- Gains
- High
- HOURS
- HTTPS
- if
- immediate
- in
- Increase
- index
- IT
- Key
- Level
- levels
- Limited
- live
- Live Bitcoin News
- losses
- Low
- lower
- MACD
- major
- max-width
- might
- Momentum
- more
- move
- moving
- moving average
- Near
- news
- next
- no
- now
- of
- on
- or
- overall
- pair
- plato
- Plato Data Intelligence
- PlatoData
- positive
- price
- Price Analysis
- rallies
- relative
- relative strength index
- remained
- Resistance
- retracement
- Rise
- rsi
- seems
- send
- Signs
- Simple
- stable
- start
- started
- Still
- strength
- strong
- Struggling
- support
- support levels
- Swing
- The
- There.
- to
- toward
- traded
- Trading
- TradingView
- Upside
- upward
- us
- US Dollar
- was
- which
- with
- zephyrnet