Bitcoin Reclaims $45K, Why Bulls Remain In Driver’s Seat

Bitcoin price started a fresh increase above the $45,000 resistance zone against the US Dollar. BTC is likely to continue higher towards the $48,000 level in the near term.

Bitcoin found support near $42,800 and it started a fresh increase above $44,000.
The price is now trading above $45,000 and the 100 hourly simple moving average.
There was a break above a major bearish trend line with resistance near $44,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is consolidating gains and it could accelerate higher above the $46,500 zone.

Bitcoin Price Regains Strength
Bitcoin price corrected lower below the $43,500 level, similar to ethereum. However, BTC remained well bid near $43,000 and $42,800. It traded as low as $42,855 and recently started a fresh increase.
There was a clear break above the $44,000 resistance zone. Besides, there was a break above a major bearish trend line with resistance near $44,000 on the hourly chart of the BTC/USD pair. The pair is now trading above $45,000 and the 100 hourly simple moving average.
It even surpassed the $46,000 resistance zone. A high is formed near $46,510 and bitcoin is now consolidating gains. An immediate support is near the $45,650 level. It is near the 23.6% Fib retracement level of the recent wave from the $42,855 swing low to $46,511 high.

Source: BTCUSD on TradingView.com
There is also a rising channel forming with support near $45,650 on the same chart. On the upside, an initial resistance is near the $46,200 level. The first key resistance is near the $46,500 level.
A clear break above the $46,500 resistance zone might trigger another increase. The next major resistance is near the $47,200 level. Any more gains could lead the price towards the $48,000 level.
Dips Limited in BTC?
If bitcoin fails to climb above the $46,500 and $47,200 resistance levels, it could start a downside correction. An initial support on the downside is near the $45,650 level.
The first major support is now near the $45,250 zone. The next major support could be $44,680. It is near the 50% Fib retracement level of the recent wave from the $42,855 swing low to $46,511 high.
Technical indicators:
Hourly MACD – The MACD is slowly losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $45,650, followed by $44,680.
Major Resistance Levels – $46,500, $47,200 and $48,000.

Avatar

Related Articles

- Advertisement -

Latest Articles

bitcoin
Bitcoin (BTC) $ 69,938.74
ethereum
Ethereum (ETH) $ 3,543.20
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 612.24
solana
Solana (SOL) $ 184.92
staked-ether
Lido Staked Ether (STETH) $ 3,535.13
xrp
XRP (XRP) $ 0.619807
usd-coin
USDC (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.214138
cardano
Cardano (ADA) $ 0.643464
avalanche-2
Avalanche (AVAX) $ 53.49
shiba-inu
Shiba Inu (SHIB) $ 0.000031
the-open-network
Toncoin (TON) $ 4.88
polkadot
Polkadot (DOT) $ 9.45
bitcoin-cash
Bitcoin Cash (BCH) $ 608.68
chainlink
Chainlink (LINK) $ 18.85
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 69,905.73
tron
TRON (TRX) $ 0.119796
uniswap
Uniswap (UNI) $ 12.63
matic-network
Polygon (MATIC) $ 0.990381
internet-computer
Internet Computer (ICP) $ 17.53
litecoin
Litecoin (LTC) $ 99.58
near
NEAR Protocol (NEAR) $ 7.00
aptos
Aptos (APT) $ 17.08
leo-token
LEO Token (LEO) $ 6.09
blockstack
Stacks (STX) $ 3.56
filecoin
Filecoin (FIL) $ 9.59
dai
Dai (DAI) $ 0.999815
cosmos
Cosmos Hub (ATOM) $ 12.19
ethereum-classic
Ethereum Classic (ETC) $ 32.36
arbitrum
Arbitrum (ARB) $ 1.64
immutable-x
Immutable (IMX) $ 2.98
render-token
Render (RNDR) $ 10.96
stellar
Stellar (XLM) $ 0.141782
crypto-com-chain
Cronos (CRO) $ 0.151945
hedera-hashgraph
Hedera (HBAR) $ 0.113641
okb
OKB (OKB) $ 63.44
the-graph
The Graph (GRT) $ 0.400634
mantle
Mantle (MNT) $ 1.17
optimism
Optimism (OP) $ 3.64
dogwifcoin
dogwifhat (WIF) $ 3.60
bittensor
Bittensor (TAO) $ 533.71
fetch-ai
Fetch.ai (FET) $ 3.21
vechain
VeChain (VET) $ 0.045568
maker
Maker (MKR) $ 3,547.87
pepe
Pepe (PEPE) $ 0.000008
injective-protocol
Injective (INJ) $ 36.99
kaspa
Kaspa (KAS) $ 0.136275
thorchain
THORChain (RUNE) $ 9.17
theta-token
Theta Network (THETA) $ 2.92