Bitcoin

Resistance

Bitcoin price started a downside correction from the $50,400 zone. BTC tested $48,250 and is currently attempting a fresh increase above $50,000. 
<ul> 
 <li>Bitcoin price is holding gains above the $48,250 and $48,500 support levels.</li> 
 <li>The price is trading above $48,850 and the 100 hourly Simple moving average.</li> 
 <li>There is a key bullish trend line forming with support at $48,750 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 $50,000 resistance zone.</li> 
</ul> 
<h2 id="bitcoin-price-remains-supported">Bitcoin Price Remains Supported</h2> 
Bitcoin price gained pace above the $48,800 resistance zone. BTC even spiked above the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-revisits-50k/" target="_blank" rel="noopener ">$50,000 resistance zone</a> before the bears appeared. A new multi-week high was formed near $50,339 before the price corrected lower. 
There was a move below the $49,500 and $49,200 levels. The price even dived below $49,000, but the bulls were active above the $48,250 support. A low was formed near $48,240 and the price is now moving higher. There was a move above the $48,800 zone. 
Bitcoin cleared the 50% Fib retracement level of the recent decline from the $50,390 swing high to the $48,240 low. It is now trading above $48,850 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-reclaims-48k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. 
There is also a key bullish trend line forming with support at $48,750 on the hourly chart of the BTC/USD pair. Immediate resistance is near the $49,880 level or the 76.4% Fib retracement level of the recent decline from the $50,390 swing high to the $48,240 low. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_c9af0a.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-574965" src="https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_c9af0a.png?resize=1024%2C461" alt="Bitcoin Price " width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_c9af0a.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_c9af0a.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_c9af0a.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_c9af0a.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_c9af0a.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_c9af0a.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_c9af0a.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 key resistance could be $50,000, above which the price could start another decent increase. The next stop for the bulls may perhaps be $50,400. A clear move above the $50,400 resistance could send the price toward the $51,200 resistance. The next resistance could be near the $52,000 level. 
<h2 id="another-decline-in-btc">Another Decline In BTC?</h2> 
If Bitcoin fails to rise above the $50,000 resistance zone, it could start another downside correction. Immediate support on the downside is near the $49,200 level. 
The first major support is $48,800 and the trend line. If there is a close below $48,800, the price could gain bearish momentum. In the stated case, the price could dive toward the $47,800 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 – $49,000, followed by $48,750. 
Major Resistance Levels – $50,000, $50,400, and $51,200.

Bitcoin Price Holds Support, BTC Uptrend To Continue Soon?

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