Bitcoin price is consolidating above the $46,000 zone against the US Dollar. BTC is must clear $47,500 and $48,000 to start a steady increase in the near term.
- Bitcoin is facing a major resistance near $47,500 and $48,000 levels.
- The price is still trading well below $48,000 and the 100 hourly simple moving average.
- There was a break above a connecting bearish trend line with resistance near $46,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a decent increase if there is a close above the $48,000 resistance zone.
Bitcoin Price Aims Recovery
Bitcoin price remained stable above the $46,000 support zone. It seems like BTC is trading in a range above the $46,000 support zone and below the $47,500 resistance.
Recently, there was a break above a connecting bearish trend line with resistance near $46,200 on the hourly chart of the BTC/USD pair. The last swing high was formed near $47,399 before the price started a downside correction. There was a break below the $47,000 area.Source:
However, the price is still trading well below $48,000 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $47,000 level. The first major resistance is near the $47,500 level. The main hurdle is still near the $48,000 level. A close above the $48,000 level could start a decent increase in the near term.