The Bitcoin price held within a range, maintaining support above $45,000. Despite the approval of the spot ETF, BTC faced challenges in surpassing the $48,000 resistance.
Efforts to breach the resistance levels at $47,800 and $48,000 are ongoing.
The current price stands above $45,600 and the 100-hourly Simple Moving Average.
On the hourly chart of the BTC/USD pair from Kraken, there was a breakout above a significant contracting triangle with resistance around $46,550.
A potential decline may occur if bears persist in defending the $48,000 resistance level.
Bitcoin’s upward potential is restricted.
The Bitcoin price demonstrated stability above the $45,500 resistance zone. Notably, the SEC granted approval for all 11 spot ETFs, resulting in BTC’s ascent above the $46,500 and $46,600 resistance levels in response to the news.
The hourly chart of the BTC/USD pair witnessed a breakout above a significant contracting triangle, featuring resistance around $46,550. However, despite this positive development, bearish activity persisted near the $47,350 and $47,800 levels. The price reached a peak around $47,699, leading to the emergence of a few bearish signals.
A slight downturn occurred below the $47,000 level, causing Bitcoin to dip below the 23.6% Fibonacci retracement level of the recent upswing from the $44,333 swing low to the $47,699 high.
Currently, the price is trading above $45,600 and the 100-hourly Simple Moving Average. The immediate resistance lies near the $47,000 level, with the primary hurdle at $47,350. A decisive breakthrough above the $47,350 resistance could propel the price towards the $47,800 resistance level.
A new resistance level is taking shape around $48,000. If the price successfully surpasses the $48,000 mark, it has the potential to extend its upward movement. The subsequent significant resistance is positioned at $49,250.
Is Bitcoin Headed for Another Downturn?
Should Bitcoin be unable to surpass the resistance at $47,350, a potential downtrend may emerge. Immediate support on the downside is anticipated near the $46,550 level.
The subsequent notable support level is at $46,000, equivalent to the 50% Fibonacci retracement level of the recent upswing from the $44,333 swing low to the $47,699 high. A breach below $46,000 could instigate bearish momentum, possibly leading the price towards the $45,150 support in the short term.
Technical indicators:
- Hourly MACD – The MACD is currently losing momentum within the bullish zone.
- Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is presently above the 50 level.
Key Support Levels – $46,500, followed by $46,000.
Key Resistance Levels – $47,000, $47,350, and $47,800.