- BTC started a lucrative surge beyond the levels of $47.5K and $48K.
- For now, the currency trades beyond $48.5K and 100-hr SMA.
- BTC/USD hourly price chart indicates a break beyond a bearish trend-line with resistance around $48.2K (Kraken data).
- The pair requires a close beyond the resistance at $40K for accelerated gains.
Bitcoin (BTC) kick-started an upward move beyond the resistance level at $48,000. The largest crypto by value should close past $50,000 to gain an upward pace.
BTC Starts Recovery
Bitcoin price sailed on recovery waves beyond the resistance zone of $47.5K. Bitcoin bulls gained momentum for an upward move past the challenging area around $48K. The upward price actions had the crypto breaking the Fibonacci retracement zone of the latest drop to $46.7K low from $48.8K. Furthermore, Bitcoin hourly chart shows a break beyond the bearish trend-line with resistance around $48.2K.
For now, BTC trades above $48.5K and 100-hr Simple Moving Average. The bellwether digital assets test the resistance zone of $49,250it appears like 1.236 Fibonacci extension level of the latest fall from swing high at $48.8K to $46.7K serving as a resistance zone.
The first massive resistance sits near $49.5K. The other vital hurdle might emerge at $50K. A decisive break beyond the $50K hurdle might open the path to further upward moves. Additional resistance might showcase around the $51.2 mark. After that, Bitcoin can surge to the optimistic target of $52K.
BTC Drops Limited?
Bitcoin can enter the downward trend with a failure to conquer the resistance level at $49,250. With that, BTC would discover an immediate footing to the downside around the $48,250 mark and 100-hr SMA.
The initial crucial support floor develops around $48,000. Meanwhile, the primary support is neat $47,500. Breaching $47.5K to the downside might catalyze another plummet in the short term. With that, the coin will decline towards the support zone at $45,000.
The overall crypto market cap stands at $2.38 trillion today, a 3.7% 24hr surge (CoinGecko data)
Bitcoin Technical Indicators
- MACD loses pace gradually inside the bullish region.
- BTC/USD’s hourly RSI stays beyond the 50 mark.
- Vital support levels: $48,250 and $47,500
- Vital resistance levels: $49,250, $50K, and $52K.