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Monday, March 4, 2024

Bitcoin Value Reclaims $48Ok However Can Bulls Pump BTC To $50Ok?


Bitcoin value climbed increased above the $48,000 resistance. BTC examined $48,800 and is at present exhibiting indicators of a draw back correction.

  • Bitcoin value climbed increased above the $46,500 and $48,000 resistance ranges.
  • The value is buying and selling above $47,500 and the 100 hourly Easy transferring common.
  • There’s a key bullish development line forming with help at $48,000 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair may proceed to maneuver up until there’s a shut beneath the $48,000 help.

Bitcoin Value Turns Inexperienced

Bitcoin value began a serious enhance above the $45,500 resistance zone. BTC cleared a couple of hurdles close to the $46,000 and $47,200 ranges to maneuver additional right into a constructive zone.

The bulls gained power and have been in a position to pump the value above the $48,000 resistance. It examined the $48,800 zone. A brand new multi-week excessive was shaped close to $48,775 and the value is now consolidating good points. There was a minor decline beneath the $48,500 degree.

The value dipped beneath the 23.6% Fib retracement degree of the latest wave from the $46,602 swing low to the $48,775 excessive. Bitcoin value is now buying and selling above $47,500 and the 100 hourly Easy transferring common.

There may be additionally a key bullish development line forming with help at $48,000 on the hourly chart of the BTC/USD pair. Quick resistance is close to the $48,500 degree. The subsequent key resistance may very well be $48,800, above which the value may begin one other first rate enhance.

Bitcoin Price

Supply: BTCUSD on TradingView.com

The subsequent cease for the bulls might maybe be $49,250. A transparent transfer above the $49,250 resistance may ship the value towards the $49,800 resistance. The subsequent resistance may very well be close to the $50,000 degree.

Draw back Correction In BTC?

If Bitcoin fails to rise above the $48,800 resistance zone, it may begin a draw back correction. Quick help on the draw back is close to the $48,000 degree or the development line.

The primary main help is $47,650 and the 50% Fib retracement degree of the latest wave from the $46,602 swing low to the $48,775 excessive. If there’s a shut beneath $47,650, the value may achieve bearish momentum. Within the said case, the value may dive towards the $46,500 help.

Technical indicators:

Hourly MACD – The MACD is now shedding tempo within the bullish zone.

Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now close to the 50 degree.

Main Assist Ranges – $48,000, adopted by $47,650.

Main Resistance Ranges – $48,500, $48,800, and $50,000.

Disclaimer: The article is offered for academic functions solely. It doesn’t symbolize the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You might be suggested to conduct your individual analysis earlier than making any funding selections. Use data offered on this web site totally at your individual danger.

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