<a href="https://bitcoinworld.co.in/bitcoin-price-rejects-48k-after-the-sec-drama-but-uptrend-still-intact/" title="Bitcoin Price Rejects 48K After The SEC Drama But Uptrend Still Intact" rel="nofollow"></a>
The price of Bitcoin jumped toward $48,000 after the Spot BTC ETF approval post from the hacked SEC X account.&nbsp; 
The “misleading” X post caused Bitcoin to spike toward the $47,800 and $48,000 resistance levels. 
However, after it was discovered that the X post was fake, Bitcoin trimmed all its gains. Nevertheless, the uptrend support is still intact near $45,200. 
At press time, Bitcoin is <a href="https://coinstats.app/coins/bitcoin/">trading</a> above $45,500 and the 100 hourly Simple moving average. 
<figure id="attachment_62075" aria-describedby="caption-attachment-62075" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class=" wp-image-62075" src="https://bitcoinworld.co.in/wp-content/uploads/Bitcoin-Price-Chart-12-483x300.png" alt="" width="576" height="358" srcset="https://bitcoinworld.co.in/wp-content/uploads/Bitcoin-Price-Chart-12-483x300.png 483w, https://bitcoinworld.co.in/wp-content/uploads/Bitcoin-Price-Chart-12.png 760w" sizes="(max-width: 576px) 100vw, 576px">
 <figcaption id="caption-attachment-62075" class="wp-caption-text">
 Bitcoin Price Chart | Source: Coinstats
 </figcaption>
</figure> 
&nbsp; 
<h3 id="span-style-font-weight-400-bitcoin-price-faces-rejection-span">Bitcoin Price Faces Rejection</h3> 
Bitcoin price started a fresh increase above the $45,500 resistance zone.&nbsp; 
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.&nbsp; 
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. 
See Also: <a class="row-title" href="https://bitcoinworld.co.in/misleading-sec-tweet-triggered-210m-crypto-meltdown-did-sec-manipulate-the-crypto-market-with-fake-tweet/" aria-label="“Misleading SEC Tweet Triggered $210m Crypto Meltdown, Did SEC Manipulate The Crypto Market With Fake Tweet?” (Edit)">Misleading SEC Tweet Triggered $210m Crypto Meltdown, Did SEC Manipulate The Crypto Market With Fake Tweet?</a> 
Bitcoin is now trading above $45,500 and the 100 hourly Simple moving average.&nbsp; 
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.&nbsp; 
It is near the 50% Fib retracement level of the recent decline from the $47,988 swing high to the $44,828 low. 
The first major resistance is $46,800. A clear move above the $46,800 resistance could send the price toward the $47,200 resistance.&nbsp; 
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. 
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.&nbsp; 
In the stated case, the price could drop toward the $44,800 support in the near term. 
<h3 id="span-style-font-weight-400-technical-indicators-span">Technical Indicators:</h3> 
<ul> 
 <li style="font-weight: 400">Hourly MACD – The MACD is now losing pace in the bearish zone.</li> 
 <li style="font-weight: 400">Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.</li> 
 <li style="font-weight: 400">Major Support Levels – $45,500, followed by $45,200.</li> 
 <li style="font-weight: 400">Major Resistance Levels – $46,400, $46,800, and $47,200.</li> 
</ul> 
The post <a href="https://bitcoinworld.co.in/bitcoin-price-rejects-48k-after-the-sec-drama-but-uptrend-still-intact/">Bitcoin Price Rejects 48K After The SEC Drama But Uptrend Still Intact</a> appeared first on <a href="https://bitcoinworld.co.in">BitcoinWorld</a>.

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

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