Bitcoin

Resistance

Green

Bitcoin price climbed higher above the $48,000 resistance. BTC tested $48,800 and is currently showing signs of a downside correction. 
<ul> 
 <li>Bitcoin price climbed higher above the $46,500 and $48,000 resistance levels.</li> 
 <li>The price is trading above $47,500 and the 100 hourly Simple moving average.</li> 
 <li>There is a key bullish trend line forming with support at $48,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could continue to move up unless there is a close below the $48,000 support.</li> 
</ul> 
<h2 id="bitcoin-price-turns-green">Bitcoin Price Turns Green</h2> 
Bitcoin price started a major increase above the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-climbs-to-46k/" target="_blank" rel="noopener ">$45,500 resistance zone</a>. BTC cleared a few hurdles near the $46,000 and $47,200 levels to move further into a positive zone. 
The bulls gained strength and were able to pump the price above the $48,000 resistance. It tested the $48,800 zone. A new multi-week high was formed near $48,775 and the price is now consolidating gains. There was a minor decline below the $48,500 level. 
The price dipped below the 23.6% Fib retracement level of the recent wave from the $46,602 swing low to the $48,775 high. Bitcoin price is now trading above $47,500 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-surges-44k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. 
There is also a key bullish trend line forming with support at $48,000 on the hourly chart of the BTC/USD pair. Immediate resistance is near the $48,500 level. The next key resistance could be $48,800, above which the price could start another decent increase. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_4ad2d2.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-574555" src="https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_4ad2d2.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_4ad2d2.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_4ad2d2.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_4ad2d2.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_4ad2d2.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_4ad2d2.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_4ad2d2.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_4ad2d2.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 $49,250. A clear move above the $49,250 resistance could send the price toward the $49,800 resistance. The next resistance could be near the $50,000 level. 
<h2 id="downside-correction-in-btc">Downside Correction In BTC?</h2> 
If Bitcoin fails to rise above the $48,800 resistance zone, it could start a downside correction. Immediate support on the downside is near the $48,000 level or the trend line. 
The first major support is $47,650 and the 50% Fib retracement level of the recent wave from the $46,602 swing low to the $48,775 high. If there is a close below $47,650, the price could gain bearish momentum. In the stated case, the price could dive toward the $46,500 support. 
Technical indicators: 
Hourly MACD – The MACD is now losing pace in the bullish zone. 
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level. 
Major Support Levels – $48,000, followed by $47,650. 
Major Resistance Levels – $48,500, $48,800, and $50,000.

Bitcoin Price Reclaims $48K But Can Bulls Pump BTC To $50K?

Table of Contents

NewsBTC

Other articles published on Feb 12, 2024

Exploring Ethereum's Future: Danksharding and Proto-Danksharding

Central Bank of New Zealand Leader Challenges the Credibility of Stablecoins and Bitcoin

XRP Community Seeks to Push XRPL Development, Prices Stagnant

China-Pak SmartCities Initiative Sets New Urban Standards

Dogecoin Out Of Fashion? Volume & Whale Activity Plunges

Why LimeWire ($LMWR) and $GFOX Are 2 Coins That Should Be on Your Radar

Join our free newsletter for daily crypto updates!