Bitcoin price is holding gains above the $45,000 resistance. BTC seems to be setting up for more gains above the $46,000 level in the near term.
- Bitcoin extended its increase and traded close to the $46,000 level.
- The price is trading above $45,000 and the 100 hourly Simple moving average.
- There is a key bullish flag forming with resistance near $45,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a fresh increase unless there is a correction wave below $44,800.
Bitcoin Price Eyes More Upsides
Bitcoin price started a fresh increase above the $44,000 and $44,500 resistance levels. BTC even broke the $45,000 level to move further into a bullish zone.
A new multi-week high was formed near $45,900 and the price is now consolidating gains. There was a minor downside correction from the $45,900 level. The price dipped below the $45,500 level. It even tested the 23.6% Fib retracement level of the upward move from the $41,300 swing low to the $45,900 high.Bitcoin is now trading above $45,000 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $45,300 level. There is also a key bullish flag forming with resistance near $45,300 on the hourly chart of the BTC/USD pair.
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