Bitcoin price started a surge above the USD 42,000 resistance against the US dollar. BTC traded to a new all-time high near USD 47,500 and remains supported for more gains.
- Bitcoin started a surge above the USD 40,000 and USD 42,000 resistance levels.
- The price is now well above $ 45,000 and the 100 simple hourly moving average.
- There was a break above a bullish continuation pattern with resistance near USD 43,500 on the hourly chart of the BTC / USD pair (Kraken data feed).
- The pair is likely to remain higher towards the USD 48,000 and USD 50,000 levels in the near term.
Bitcoin price is gaining bullish momentum
After the report drew attention to Tesla’s bitcoin holdings, bitcoin price began a surge above the USD 42,000 resistance. BTC rallied more than 20% and broke many hurdles along the way.
After hitting $ 44,500, there was a little consolidation. Finally, there was a break above a bullish continuation pattern with resistance near $ 43,500 on the hourly chart of the BTC / USD pair. The pair climbed further above the USD 45,000 and USD 46,000 levels.
The price traded to a new all-time high near $ 47,513 before starting one downward correction. There was a break below the $ 46,500 level. Bitcoin corrected below the 23.6% Fib retracement level of the recent rally from the $ 42,528 swing low to $ 47,513 high.
Source: BTCUSD on TradingView.com
It is now well above $ 45,000 and the 100 simple hourly moving average. The next key support is near the USD 45,000 level. It is close to the 50% Fib retracement level of the recent rally from the $ 42,528 swing low to $ 47,513 high.
On the upside, a break above the USD 47,500 zone could open the doors for more gains. The next target could be USD 48,500, but the bulls could be aiming for a test of the USD 50,000 level in the near term.
Dips supported in BTC?
If bitcoin doesn’t stay higher, it could correct lower towards the USD 45,500 and USD 45,000 levels. The next great support is near the $ 44,250 level (the recent escape zone).
Even more losses below the USD 45,000 and USD 44,250 support levels could trigger a downside extension. In the case mentioned, the price could drop towards the USD 42,000 support.
Hourly MACD – The MACD is gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is still in overbought territory.
Key Support Levels – USD 45,000, followed by USD 44,250.
Key Resistance Levels – USD 47,500, USD 48,000 and USD 50,000.