Bitcoin Saw Key Technical Breakout

Bitcoin stepped above the $47,000 resistance against the US Dollar. BTC is showing positive signs and might move towards the $50,000 resistance zone.


⦁ Above the $45,500 resistance zone, Bitcoin saw a major technical breakout.
⦁ The price is currently trading above $46,500.
⦁ There is an important bullish trend line forming with support near $46,200 on the hourly chart of the BTC/USD pair.
⦁ The pair might continue to rise and can trade towards the $50,000 resistance zone.
Bitcoin Price Breaks $48K


Bitcoin price remained consistently above the $45,500 resistance zone and then increased and was able to clear the $46,500 resistance zone.


The upward move gained a step above the $46,500 level and the price settled above the 100 hourly simple moving average. Finally, it gained above the $48,000 level.


Below the $48,000 level, there was a small drop. Bitcoin traded under the 23.6% Fib retracement level of the upward move from the $44,470 to $48,200 high. Besides, there is an important bullish trend line made with support near $46,200 on the hourly chart of the BTC/USD pair.


The price is facing resistance near the $48,000 level. The next major resistance could be around the $48,200 zone. A successful break and close above the $48,200 level can push the price towards $49,000.

The next major resistance could be near at the $49,500 level. Any more gains could open the doors for a move towards the $50,000 level.