In the recent trading sessions, Bitcoin has consistently held above the critical support level of $45,000. Despite this steadfastness, the preeminent cryptocurrency has not managed to surmount the resistance at the $48,000 mark, even in the wake of market optimism generated by the approval of several spot exchange-traded funds (ETFs).
Efforts to push beyond the stubborn resistance levels of $47,800 and $48,000 have been met with a steadfast defense by bearish market participants. Meanwhile, the asset trades steadily above the $45,600 level as well as the 100 hourly Simple Moving Average, signaling a modicum of positive sentiment among investors.
A significant technical development was observed on the hourly chart of the BTC/USD pair, which is drawn from Kraken’s data feed. Prices broke through a major contracting triangle, which had formed resistance near the $46,550 mark. However, the ascent was halted as selling pressure intensified at higher levels, specifically near $47,350 and $47,800. The peak of the recent uptick was marked at $47,699 before Bitcoin exhibited signs of a retracement.
Indeed, there was a slight pullback below the $47,000 threshold. The correction extended below the 23.6% Fibonacci retracement level, derived from the swing low of $44,333 to the swing high of $47,699.
Despite these fluctuations, Bitcoin’s price trajectory remains over the $45,600 point and importantly, over the 100 hourly Simple Moving Average. Looking upwards, resistance lies in wait near $47,000, with more formidable barriers at $47,350. Should Bitcoin convincingly break through these, it could challenge the $47,800 ceiling.
The pressure is mounting near the psychological barrier of $48,000. A decisive close above this pivotal point could catalyze further gains, aiming for the next substantial resistance level at $49,250.
On the contrary, if Bitcoin is unable to breach the $47,350 resistance zone, a fresh decline could be in the offing. The immediate support is discernible near $46,550. More crucial support is anticipated at the $46,000 level, corresponding to the 50% Fibonacci retracement mentioned previously. A downturn piercing below $46,000 could instigate a bearish wave, potentially dragging the price towards a closer support at $45,150.
The technical indicators reflect a mixed sentiment. The Hourly MACD is losing its bullish momentum, while the Relative Strength Index (RSI) for BTC/USD is hovering above the equilibrium mark of 50, suggesting a balance of power between bulls and bears at the moment.
Support levels to watch are at $46,500 and thereafter, $46,000. On the resistance front, traders are eyeing $47,000, $47,350, and $47,800 as key thresholds that need to be surmounted for sustained upward movement.
