Bitcoin

Resistance

Bitcoin price extended its rally above the $48,800 resistance. BTC tested $50,000 and is currently showing signs of a downside correction. 
<ul> 
 <li>Bitcoin price climbed higher above the $48,500 and $48,800 resistance levels.</li> 
 <li>The price is trading above $48,800 and the 100 hourly Simple moving average.</li> 
 <li>There is a short-term rising channel forming with support at $49,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could start a downside correction below the $49,750 and $49,500 levels.</li> 
</ul> 
<h2 id="bitcoin-price-jumps-5">Bitcoin Price Jumps 5%</h2> 
Bitcoin price remained in a positive zone above the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-reclaims-48k/" target="_blank" rel="noopener ">$48,000 resistance zone</a>. BTC extended its rally and climbed above the $48,800 resistance zone. Finally, the price jumped above the $50,000 level. 
A new multi-week high was formed near $50,339 and the price is now consolidating gains. There was a minor decline below the $50,000 level. The price is still above the 23.6% Fib retracement level of the recent rally from the $47,642 swing low to the $50,339 high. 
Bitcoin price is now trading above $48,800 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-climbs-to-46k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. There is also a short-term rising channel forming with support at $49,750 on the hourly chart of the BTC/USD pair. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_c66987.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-574768" src="https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_c66987.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_c66987.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_c66987.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_c66987.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_c66987.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_c66987.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_c66987.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_c66987.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> 
Immediate resistance is near the $50,250 level. The next key resistance could be $50,400, above which the price could start another decent increase. The next stop for the bulls may perhaps be $51,200. A clear move above the $51,200 resistance could send the price toward the $52,000 resistance. The next resistance could be near the $53,000 level. 
<h2 id="downside-correction-in-btc">Downside Correction In BTC?</h2> 
If Bitcoin fails to rise above the $50,250 resistance zone, it could start a downside correction. Immediate support on the downside is near the $49,750 level or the channel trend line. 
The first major support is $49,000 and the 50% Fib retracement level of the recent rally from the $47,642 swing low to the $50,339 high. If there is a close below $49,000, the price could gain bearish momentum. In the stated case, the price could dive toward the $47,650 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 above the 50 level. 
Major Support Levels – $49,750, followed by $49,000. 
Major Resistance Levels – $50,250, $50,400, and $51,200.

Bitcoin Price Revisits $50K, Why BTC Could Start A Short-Term Correction

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