Bitcoin price created a base and began a new upward trend over the $46,500 barrier. BTC accelerated its rise above the $47,500 mark and the 100 hourly simple moving average.
The Price of Bitcoin Continue to Rise
The price rose so far that it burst through the $48,500 barrier level. A convincing rise over the 76.4 percent Fib retracement level of the crucial fall from the $48,289 swing high to the $45,600 low was observed. The bulls even drove the price above $49,000.
A high has been made at $49,600, and the price is presently displaying several promising signs. On the hourly chart of the BTC/USD pair, a significant ascending channel is building with support at $48,750.
Bitcoin is trading well above the 23.6% Fib retracement line of the upward advance from the swing low of $48,295 to the high of $49,600. It is seeing resistance at the $49,600 level. The next significant barrier maybe $50,000.
The price of Bitcoin has changed significantly from day to day and sometimes minute to minute. It hasn’t topped $50,000 since December 12 and has dropped below $46,000 several times in recent weeks.
According to experts, Bitcoin is on its approach to passing the $100,000 threshold; however, they disagree on when this will happen.
BTC Dips Are Limited?
If Bitcoin fails to break over the $50,000 barrier level, it may begin a new downward trend. On the downside, there is immediate support at the $49,200 level.
The significant initial contribution is close to $49,000. It is close to the 50% Fib retracement level of the upward advance from the swing low of $48,295 to the high of $49,600.
A break below $49,000 might take the price towards the $48,500 support, below which it could test $48,800.
