Bitcoin price was able to clear the $44,500 and $44,700 resistance levels. BTC is up over 5% and might soon attempt a move toward $48,000.
- Bitcoin is gaining pace above the $45,500 resistance zone.
- The price is trading above $45,000 and the 100 hourly Simple moving average.
- There was a break above a key contracting triangle with resistance near $44,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to move up toward the $48,000 level unless there is a close below $44,000.
Bitcoin Price Starts Fresh Increase
Bitcoin price started a fresh increase above the $43,500 resistance zone. BTC gained bullish momentum above the $44,000 and $44,500 levels to move into a positive zone.
There was a break above a key contracting triangle with resistance near $44,000 on the hourly chart of the BTC/USD pair. The bulls pumped the price to a new multi-day high at $47,306 and the price is now consolidating gains.Bitcoin is now trading above $45,000 and the 100 hourly Simple moving average. It is also above the 23.6% Fib retracement level of the upward move from the $43,208 swing low to the $47,306 high.
On the upside, immediate resistance is near the $47,000 level. The first major resistance is $47,200. A clear move above the $47,200 resistance could send the price toward the $48,000 resistance. The next resistance is now forming near the $48,800 level.