Bitcoin (BTC) Breaks $47K; $50K Next?

  • Bitcoin launched new uptrends after overpowering the resistance zone at $45K.
  • The price hovers beyond $45.5K and 100-hr Simple Moving Average.
  • The hourly price chart shows a major bullish trend-line forming with $45.2K support.
  • Bitcoin shows further upside potential and may even overcome the resistance level at $48K.

Bitcoin (BTC) started a new upsurge beyond the resistance of $45K. The crypto even broke the $47K and displayed positive signals.

BTC Price Gains 5%

Bitcoin launched a new upside move that saw it conquering the critical resistance at $45,000. The impressive upticks emerged after the bellwether crypto printed a support base beyond $43.5K.

The world’s leading crypto cleared its path towards the $46.5K mark. BTC even rose past the $47K mark to steady beyond 100hr SMA. For now, the digital currency consolidates gains after printing a high of around $47,561.

BTC tested 23.6% Fibonacci retracement zone of the latest rally towards $47,561 from $44,468. Besides, BTC/USD one-hour chart highlights a critical bullish line emerging with support of around $45.2K. The initial resistance to the upside sits near $47.2K.

The following massive resistance might emerge around the $47.5K. A decisive break plus close beyond $47.6K may trigger another uptrend for Bitcoin. That way, the dominant crypto might clear the resistance at $48K.

Bitcoin might discover another critical resistance around $49.2K. More upside will see the crypto climbing to explore the $50,000 mark.

Dips in Bitcoin?

BTC’s failure to conquer the resistance barrier at $47.5K might trigger a downward move. The immediate support floor stands at around $46.8K. More downswings will take Bitcoin towards the footing around $46,350.

The primary support sits around the $46K mark or the 50% Fibonacci retracement of the latest move from $44,468 towards a swing high of $47,561. Violating the support barrier at $46K might trigger new drops to $45K foothold.

For now, the overall crypto spectrum flashes impressive gains. The global crypto market capitalization hovers around $2.21 trillion, following a 4.79% surge in the past 24hrs. Maintaining such an outlook may see Bitcoin rising towards the $50K level with less hassle.

Feel free to share your opinions in the comment section below.