Bitcoin’s price indicates that BTC trades around its critical resistance zone at $48,000 after staying away from the support of $46,826.
- Crucial resistance levels – $52K, $54, and $56K
- Crucial support levels – $44K, $42K, and $40K
BTC-USD Daily Chart
BTC-USD managed to hit the $48,000 price level after the despairing sessions that took almost a week. According to the daily price chart, the leading crypto corrects upwards at the moment. Such actions have most analysts predicting the BTC will cross more resistances rather than struggling with inactive supports. For now, the asset touches $48,000, its daily high, after yesterday’s movements that had it closing the day at $47,953.
Will BTC Extend Its Highs?
The daily price chart depicts BTC’s price attempting to cross over the upper border of the coin’s channel. If bulls dominate the crypto space in the coming sessions, Bitcoin can enjoy continuous highs. The chart shows that BTC/USD trades over critical zones that might serve as support levels in scenarios of reversals.
For now, with enough momentum to maintain the crypto above the 9- and 21- day MAs, Bitcoin can prevent minor corrections as bulls target the critical resistance zone at $48,200. Keep in mind that the Relative Strength Index hovers within the overbought territory.
Meanwhile, as Bitcoin registers upside moves, bulls need to defend the support levels at $42K, $40K, and $38K. With that, they would ensure that the coin remains over the $48K mark, even with slight reversals. However, with enough bullishness to take Bitcoin higher, bulls should prepare for the resistances lying at $52K, $54K, and $56K.
4-Hour Chart – Medium-Term Bullish
The BTC’s four-hour chart has indicated bearishness in the early sessions today. However, the intraday trading still depicts bullishness. That follows the recent rebound that the coin saw. Keep in mind that Bitcoin faces critical support. Incoming price actions will reveal whether Bitcoin will move towards its next crucial support at $45K and beneath.
However, with the recent drop actions, BTC might see bearishness towards the support at $46,000. On the other hand, a surge over the channel’s top border might push Bitcoin to the $50,000 resistance zone and above. For now, it seems like bears are joining the market as the RSI dropped beneath the 60-level, indicating bearishness.
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