Bitcoin price managed to start a new rally above $45,000. At some point, BTC surpassed $47,000 and has remained bullish so far. Here is a summary of Bitcoin price in the past 24 hours:
- Bitcoin had a new rally following a break through from $45,000.
- Currently, BTC is above $45,500 and the 1-hour candles are above the SMA100.
- On the 1-hour chart, we have a new uptrend with support level at $45,200.
- BTC is still on a bull run and is likely to surpass $48,000.
Bitcoin Price Action Analysis
BTC found a bottom at $43,500 and subsequently climbed above $45,000 with a strong surge. By surpassing this level, BTC shot up toward $47,000 and stabilized well above the SMA100. The highest recorded price for BTC is at $47,561 before a slight price correction. With that, the price touched the 23.6% Fibonacci retracement level from the latest rise from $44,468 to $47,561. Furthermore, we have a new uptrend on the 1-hour chart with support level at $45,200.
The first resistance level for BTC is at $47,200 followed by $47,500. In case of a successful break through, Bitcoin price could have another notable surge. In which case, the $48,000 and $49,200 are the next key resistance levels to break. Further growth can finally bring Bitcoin all the way up to $50,000.
On the other hand, if Bitcoin price fails to surpass the $47,500, there will be a new downtrend to follow. For this scenario, the first support level will be at $46,800 followed by $46,350. The next support level is at $46,350. However, the key support level for BTC at the moment is $46,000. This level is near the 50% Fibonacci retracement level from the latest rise. Dipping below $46,000 could be detrimental for Bitcoin as it could fall as low as $45,500.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on an upward momentum.
RSI: the 1-hour relative strength index is currently above 70.
Resistance levels: Right now, the $47,200 and $47,500 and $50,000 are the crucial resistance levels for BTC.
Support levels: The $46,000 and $45,500 are currently the key support levels for the price.
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