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Wednesday, February 21, 2024

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Bitcoin Attempts Fresh Increase, Why 100 SMA Is The Key

Bitcoin price found support near $47,150 and started a fresh increase against the US Dollar. BTC must settle above the 100 hourly SMA to continue higher.

Bitcoin extended its decline and tested the $47,200 support zone.
The price is now trading near $48,800 and the 100 hourly simple moving average.
There was a break above a key bearish trend line with resistance near $48,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could extend its increase if there is a clear break above $49,200 and the 100 hourly SMA.

Bitcoin Price Regains Strength
Bitcoin price started a steady decline below the $48,000 support. BTC even extended its decline below $47,500, but the bulls were active near $47,200.
A low was formed near $47,165 and the price started a fresh increase. It broke the $48,000 and $48,500 resistance levels. There was a break above the 50% Fib retracement level of the downward move from the $50,520 swing high to $47,165 low.
Besides, there was a break above a key bearish trend line with resistance near $48,850 on the hourly chart of the BTC/USD pair. The pair even tested the $49,200 resistance zone.
Bitcoin is now trading near $48,800 and the 100 hourly simple moving average. The first major resistance is near the $49,200 level. It is close to the 61.8% Fib retracement level of the downward move from the $50,520 swing high to $47,165 low.

Source: BTCUSD on TradingView.com
A clear break above the $49,200 resistance and a close above the 100 hourly SMA could open the doors for a steady increase. The next major stop for the bulls could be $50,000.
Fresh Decline in BTC?
If bitcoin fails to climb above the $49,200 resistance, it could start a fresh increase. On the downside, an immediate support is near the $48,500 level.
The first key support is near the $48,000 level. If there is a downside break below the $48,000 level, the price could continue to move down. The next major support is near the $47,200 level. Any more losses could open the doors for a move towards the $46,500 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is 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 – $48,500, followed by $48,000.
Major Resistance Levels – $49,000, $49,200 and $50,000.

Christian Robinson
Christian Robinson
I’m a regular contributor to Forbes, CoinDesk, and Bitcoin Magazine, among others. My work focuses on providing analysis of the latest trends in the crypto industry, as well as offering insights into investment opportunities. I have a strong track record of identifying emerging technologies and assets that can achieve significant growth. As such, I believe that I am uniquely positioned to help investors navigate the ever-changing landscape of cryptocurrency.

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