Bitcoin price remained within a range above the USD 45,000 support. BTC failed to climb higher above the USD 48,000 resistance despite spot ETF approval.
- Bitcoin is still struggling to break the USD 47,800 and USD 48,000 resistance levels.
- The price is trading above USD 45,600 and the 100 hourly Simple Moving Average.
- There was a break above a key contract triangle with resistance near $46,550 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a new decline if the bears continue to protect the $48,000 resistance.
Bitcoin Price Rises Capped
Bitcoin price remained stable above the USD 45,500 resistance zone. Finally, the SEC approved all 11 spot ETFs. BTC climbed higher above the USD 46,500 and USD 46,600 resistance levels following the news.
There was a break above a key contracting triangle with resistance near $46,550 on the hourly chart of the BTC/USD pair. However, the bears were still active around the USD 47,350 and USD 47,800 levels. It reached a high near $47,699 and the price is now showing some bearish signs.
There was a small decline below the $47,000 level. Bitcoin fell below the 23.6% Fib retracement level from the recent rise from the $44,333 swing low to the $47,699 high.
The price is now trading above USD 45,600 and the 100 hourly Simple Moving Average. On the upside, immediate resistance is around the $47,000 level. The first major resistance is $47,350. A clear move above the USD 47,350 resistance could send the price towards the USD 47,800 resistance.
Source: BTCUSD on TradingView.com
The next resistance is now forming around the $48,000 level. A close above the USD 48,000 level could send the price rising further. The next major resistance is at $49,250.
Another drop in BTC?
If Bitcoin fails to rise above the USD 47,350 resistance zone, it could start a new decline. The immediate downside support is near the USD 46,550 level.
The next major support is $46,000 or the 50% Fib retracement level of the recent rise from the $44,333 swing low to the $47,699 high. If a move occurs below $46,000, the price could gain bearish momentum. In the mentioned case, the price could fall towards the support at $45,150 in the short term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels – USD 46,500, followed by USD 46,000.
Major resistance levels – $47,000, $47,350 and $47,800.
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