The price of Bitcoin expanded to more than $50,000 before the exchange rate fell against the U.S. dollar. BTC may find a bid near $48,250 and may start a new rally.
- Bitcoin started a new rise above the resistance levels of 49,500 USD and 50,000 USD.
- The price is now trading above $48,500 and the 100-hour simple moving average.
- On the hourly chart of the BTC/USD currency pair (data feed from Kraken), the key bullish trend line was broken, and the support level was around 49,000 USD.
- As long as it is above the support area of 48,000 USD, the currency pair can start a new rise.
Bitcoin price fell from $50,000
Bitcoin price Expand the gains Above the resistance zone of 49,000 USD. BTC even surpassed the resistance zone of 50,000 USD, but failed to continue to move higher.
Before the price started a downward correction, a high was formed near $50,364. It fell below the $50,000 and $49,000 levels. In addition, on the hourly chart of the BTC/USD currency pair, the key bullish trend line was broken, and the support level was around 49,000 USD.
The currency pair tested the 50% Fibonacci retracement level of the upward movement from the swing low of 46,640 USD to the high of 50,364 USD. Bitcoin’s transaction price is also higher than $48,500, 100 hour simple moving average.
Source: BTCUSD on TradingView.com
The next key support is near the $48,250 and 48,000 levels. It is close to the 61.8% Fibonacci retracement level that moved upward from the swing low of $46,640 to the high of $50,364. If it breaks below the USD 48,000 support area and the 100-hour moving average, the price may start a new decline. The next major support is near $46,500.
A new round of BTC rebound?
If Bitcoin stays above the $48,000 support area and the 100-hour moving average, it may start a new rise. The immediate upside resistance is near 49,000 USD.
The first major resistance is near $49,200. A closing price higher than 49,200 USD may push the price to the 50,000 USD area. Any more gains may cause the price to rise to the resistance level of $51,550. The next major obstacle for the bulls may be near the $52,000 area.
Hourly MACD-MACD is accelerating in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is slightly below the 50 level.
The main support level is $48,250, followed by $48,000.
The main resistance levels-49,200 USD, 50,000 USD and 50,400 USD.