Bitcoin

Resistance

Bitcoin price is gaining pace above the $45,500 resistance. BTC tested $46,000 and could extend its rally toward the $48,000 resistance. 
<ul> 
 <li>Bitcoin price climbed higher above the $44,500 and $45,000 resistance levels.</li> 
 <li>The price is trading above $45,000 and the 100 hourly Simple moving average.</li> 
 <li>There is a key connecting bullish trend line forming with support at $45,480 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could continue to move up if it clears the $46,000 resistance zone.</li> 
</ul> 
<h2 id="bitcoin-price-jumps-5">Bitcoin Price Jumps 5%</h2> 
Bitcoin price started a steady increase above the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-surges-44k/" target="_blank" rel="noopener ">$43,500 resistance zone</a>. BTC cleared a few hurdles near the $44,000 and $44,200 levels to move into a positive zone. 
The bulls gained strength and were able to pump the price above the $45,000 resistance. It traded close to the $46,000 level. A new multi-day high is formed near $45,955 and the price is showing signs of more gains in the near term. 
Bitcoin is trading well above the 23.6% Fib retracement level of the recent surge from the $42,765 swing low to the $45,955 high. It is also trading above $45,000 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-reclaims-42500/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. 
Besides, there is a key connecting bullish trend line forming with support at $45,480 on the hourly chart of the BTC/USD pair. Immediate resistance is near the $46,000 level. The next key resistance could be $46,200, above which the price could start another decent increase. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_fe847c.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-574120" src="https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_fe847c.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_fe847c.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_fe847c.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_fe847c.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_fe847c.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_fe847c.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_fe847c.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_fe847c.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
Source: <a href="https://www.tradingview.com/symbols/BTCUSD/" target="_blank" rel="noopener nofollow">BTCUSD on TradingView.com</a> 
The next stop for the bulls may perhaps be $46,850. A clear move above the $46,850 resistance could send the price toward the $47,500 resistance. The next resistance could be near the $48,000 level. 
<h2 id="downside-correction-in-btc">Downside Correction In BTC?</h2> 
If Bitcoin fails to rise above the $46,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $45,500 level or the trend line. 
The first major support is $44,400 and the 50% Fib retracement level of the recent surge from the $42,765 swing low to the $45,955 high. If there is a close below $44,400, the price could gain bearish momentum. In the stated case, the price could dive toward the $43,500 support. 
Technical indicators: 
Hourly MACD – The MACD is now gaining pace in the bullish zone. 
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. 
Major Support Levels – $45,500, followed by $44,400. 
Major Resistance Levels – $46,000, $46,200, and $47,500.

Bitcoin Price Climbs To $46K, Uptrend Could Extend To $48K?

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