Bitcoin (BTC) Gains Ground; Here’s Why 100SMA is Vital for Further Surge

  • Bitcoin’s price forms a base beyond the support levels of $46,000 and $46,400.
  • The price still hovers under the $48,500 mark and 100-hourly SMA.
  • BTC/USD’s hourly chart shows a break past a vital bearish trend-line with resistance around $47,200 (Kraken data).
  • The pair need to overcome 449,200 and 100-hourly SMA for steady upsurges.

Bitcoin (BTC) stabilizes beyond the support area of $46,000. Bitcoin requires a clear move beyond the 100-hourly Simple Moving Average.

BTC Price Form a Base

Bitcoin witnessed its value dipping towards the support level of $46,000. Meanwhile, the leading digital currency appears to form a base beyond the vital level at $46,400 and $46,000. Moreover, BTC formed a low at $45,759 before starting the recovery wave.

There was a price move beyond the resistance at $47,200, then $47,500. Furthermore, BTC experiences a break past a vital bearish trend-line with resistance around $47,200. That is according to the four-hour chart by BTC/USD. Nevertheless, the pair still wavers beneath $48,500 and 100-hourly Simple Moving Average.

Bitcoin met a massive resistance around $48,250 and 100-hourly SMA. It also struggled around 50% Fibonacci retracement of the downswing move from swing highs at $50,785 to a low of $45,759.

The nearest resistance zone to the upward stands around the $48,100 mark. The first critical resistance stands near $48,250. Bitcoin will have another hurdle at $48,800, near 61.8% Fibonacci retracement zone of the downswing from $50,785 high to the lows at $45,759.

A decisive break past the resistance at $48,800 might clear the road to further upswings. The next resistance stands around the $50,000 mark. Overcoming this level will mean steady momentum for the leading crypto.

BTC Dips Limited?

Bitcoin might venture into a downward correction if it fails to conquer the resistance zone at $48,880. That will have the crypto exploring the immediate downside support at $47,500. Meanwhile, the initial massive support forms at $47,000 as the critical footing sits near $46,000. Breaching the barrier at $46,000 might accelerate downward moves in the short term.

BTC Technical Indicators

  • MACD- MACD loses pace within the bullish area
  • RSI – BTC/USD’s RSI sits beyond the 50-mark.
  • Support levels – $47,200 and $46,000
  • Resistance levels – $48,200, $48,800, and $50K.

Leave a Comment