Bitcoin price holds the USD 48,000 support zone against the US dollar. BTC needs to free $ 49,500 and $ 49,750 to start a new spike in the short term.
- Bitcoin broke the $ 48,500 resistance, but faced hurdles near $ 49,500.
- The price is now trading above $ 48,500 and the 100-hour simple moving average.
- A large bullish trendline is forming on the hourly chart of the BTC / USD pair (data feed from Kraken) with support near USD 48,500.
- The pair could start a fresh spike unless it breaks the USD 48,000 support and the 100-hour SMA.
Bitcoin price holds key support
Bitcoin price formed a base above the $ 48,000 and began rising again. BTC broke the USD 49,000 resistance and settled above the 100-hour simple moving average.
However, the price could not gain strength beyond the $ 49,500 mark. A high was made at $ 49,657 before the price corrected lower. There was a decline below the $ 49,000 support level. The price moved below the 23.6% Fib retracement level of the move up from the low of $ 46,486 to the high of $ 49,657.
Bitcoin is now trading above $ 48,500 and the 100-hour simple moving average. A major bullish trendline is also forming on the hourly chart of the BTC / USD pair with support near $ 48,500.
Source: BTCUSD on TradingView.com
The next major support is near the $ 48,000 zone and the 100-hour simple moving average. It is near the 50% Fib retracement level of the move up from the low of $ 46,486 to the high of $ 49,657. If there is a downside break below the USD 48,000 support zone, the price could drop further. The next big support is near the $ 46,550 mark.
New rise in BTC?
If Bitcoin stays above the USD 48,000 support zone, it could see another spike. Immediate resistance to the upside is near the $ 49,000 mark.
The first major resistance is near the $ 49,350 mark. The main resistance is near the $ 49,500 mark. A clear break above the $ 49,500 mark could set the pace for further gains. In the named case, the price could even exceed the $ 50,000 zone.
Technical indicators:
Hourly MACD – The MACD is losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is just below the 50 level.
Major Support Levels – $ 48,500, followed by $ 48,000.
Main Resistance Levels – $ 49,000, $ 49,350, and $ 49,500.
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