After the hacked SEC account tweet, Bitcoin price initially surged toward the $48,000 resistance level. However, it could not sustain the gains and faced rejection near the $48,000 zone. The current uptrend support is still around $45,200, and Bitcoin is trading above $45,500 and the 100 hourly Simple moving average.
There is a prominent contracting triangle forming with resistance near $46,800 on the hourly chart of the BTC/USD pair. If the price continues to move up, it could test the $48,000 level, provided there is no close below $45,000.
Following the rejection near $48,000, the price experienced a decline and dipped towards the $45,000 support zone. However, it recently started rising again and is currently back above the 23.6% Fib retracement level. The immediate resistance is near the $46,800 level, and a clear move above this could propel the price toward $47,200 and eventually the $48,000 level.
On the flip side, if Bitcoin fails to rise above the $46,800 resistance, it could face more losses. The immediate support is near $45,550, followed by the major support at $45,200. If the price drops below $45,200, it could gain bearish momentum and move toward the $44,800 support in the near term.
Technical indicators such as the MACD and RSI are showing mixed signals, with the MACD losing pace in the bearish zone and the RSI below the 50 level.
It’s important to note that this information is provided for educational purposes only and does not constitute investment advice. The decision to buy, sell, or hold any investments carries inherent risks, and individuals are encouraged to conduct their own research and make investment decisions based on their own judgment.
