Bitcoin’s valuation soared, successfully breaching the formidable $48,000 resistance threshold. In its upward trajectory, BTC momentarily grazed the $48,800 mark, sparking optimism among investors. However, the digital currency soon demonstrated indications of a potential retracement from its recent peak.
The ascent was notable, with Bitcoin’s price powering through resistance levels at both $46,500 and $48,000. Holding its ground, the cryptocurrency stabilized above the $47,500 mark, comfortably positioned atop the 100 hourly Simple Moving Average. Chart analysts have pinpointed a significant bullish trend line, offering support at the $48,000 echelon on the hourly chart of the BTC/USD pair, according to data sourced from Kraken.
The green streak for Bitcoin commenced decisively, propelling the cryptocurrency above the resistance zone of $45,500. BTC surged past several key milestones at $46,000 and $47,200, catapulting it into a bullish territory. This rally allowed the bulls to inject enough momentum into the market to shatter the $48,000 resistance barrier convincingly.
Upon testing the waters at $48,800, a new benchmark was established near $48,775, signifying a multi-week zenith for the cryptocurrency. Since reaching this apex, the coin’s value has been in a phase of consolidation, with minor regressions pulling it slightly below the $48,500 level.
Bitcoin’s price has reverted from the 23.6% Fib retracement level tracked from the recent bullish surge from a swing low of $46,602 to a high of $48,775. Its resilience is evident as it continues to trade above $47,500, with the steadfast backing of the 100 hourly Simple Moving Average.
Amidst this bullish pattern, resistance levels loom at $48,500, with an eye on $48,800. Should Bitcoin’s valuation surpass these levels, it could instigate another laudable upswing. The bulls have their sights set on potential targets, with $49,250 as the next hurdle. An emphatic breach here could drive Bitcoin towards the $49,800 resistance zone, threatening to edge close to the coveted $50,000 watermark.
However, the sustainability of Bitcoin’s climb hangs in the balance. If the cryptocurrency falters near the $48,800 resistance zone, it may trigger a corrective downward spiral. Soon, the first line of defense rests at the $48,000 level, in alignment with the trend line’s support. Should this bulwark fall, the next critical support awaits at $47,650, coinciding with the 50% Fib retracement level of the aforementioned bullish wave.
A closure below this pivot could earmark the beginning of a bearish descent, potentially directing Bitcoin towards the support level of $46,500. Observing the technical indicators, the Hourly MACD reveals a gradual deceleration in bullish velocity, while the Hourly Relative Strength Index (RSI) flirts with the median, perched near the 50 level.
The major thresholds for Bitcoin stand as follows: On the support side, $48,000 closely shadowed by $47,650; on resistance, the benchmarks are set at $48,500, $48,800, followed by $50,000.
