Bitcoin Price Rejects 48K After The SEC Drama But Uptrend Still Intact

Bitcoin Price Rejects 48K After The SEC Drama But Uptrend Still Intact

Bitcoin price jumped toward $48,000 after the hacked SEC account tweet. BTC trimmed all gains, but the uptrend support is still intact near $45,200.

  • Bitcoin spiked toward the $47,800 and $48,000 resistance levels.
  • The price is trading above $45,500 and the 100 hourly Simple moving average.
  • There is a major contracting triangle forming with resistance near $46,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue to move up toward the $48,000 level unless there is a close below $45,000.

Bitcoin Price Faces Rejection

Bitcoin price started a fresh increase above the $45,500 resistance zone. BTC gained bullish momentum above the $46,000 and $46,500 levels after the hacked SEC account tweet about the ETF approval.

After clarification, there was a sharp rejection near the $48,000 zone. A high was formed near $47,988 before the price started a fresh decline. There was a move below the $47,000 and $46,500 levels. The price dived toward the $45,000 support.

A low was formed near $44,828 and the price is now rising. It is back above the 23.6% Fib retracement level of the recent decline from the $47,988 swing high to the $44,828 low.

Bitcoin is now trading above $45,500 and the 100 hourly Simple moving average. There is also a major contracting triangle forming with resistance near $46,800 on the hourly chart of the BTC/USD pair. On the upside, immediate resistance is near the $465,400 level. It is near the 50% Fib retracement level of the recent decline from the $47,988 swing high to the $44,828 low.

Source: BTCUSD on TradingView.com

The first major resistance is $46,800. A clear move above the $46,800 resistance could send the price toward the $47,200 resistance. The next resistance is now forming near the $48,000 level. A close above the $48,000 level could send the price further higher. The next major resistance sits at $49,250.

More Losses In BTC?

If Bitcoin fails to rise above the $46,800 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $45,550 level.

The next major support is $45,200. If there is a move below $45,200, the price could gain bearish momentum. In the stated case, the price could drop toward the $44,800 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $45,500, followed by $45,200.

Major Resistance Levels – $46,400, $46,800, and $47,200.

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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