Bitcoin Indicators Suggest Strengthening Case For Break Above $48K

Bitcoin

Bitcoin price started a decent increase above the $46,000 resistance against the US Dollar. BTC is now back above $47,000, but it is facing hurdles near $47,600.

Bitcoin started a steady increase above the $45,600 and $46,200 resistance levels.
The price is now trading above $46,500 and the 100 hourly simple moving average.
There was a break above a key bearish trend line with resistance near $46,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair must clear the $47,500 resistance zone to continue higher in the near term.

Bitcoin Price Starts Fresh Increase
Bitcoin price remained well bid above the $45,000 level. As a result, BTC started a fresh increase above the $46,000 resistance zone and the 100 hourly simple moving average.
The price broke the $46,200 and $46,500 resistance levels. There was also a break above a key bearish trend line with resistance near $46,000 on the hourly chart of the BTC/USD pair. The pair was able to climb above the $47,000 resistance zone.
It is now facing resistance near the $47,500 zone. A high is formed near $47,464 and bitcoin price is now consolidating gains. It is currently well above the 23.6% Fib retracement level of the upward move from the $43,374 swing low to $47,464 high.

Source: BTCUSD on TradingView.com
An immediate resistance on the upside is near the $47,400 level. The main resistance is now near the $47,500 zone. To continue higher, bitcoin must clear the $47,500 resistance. The next major resistance is near the $48,000 level, above which the price could rise towards the key $50,000 resistance in the near term.
Dips Supported In BTC?
If bitcoin fails to clear the $47,500 resistance zone, it could start a downside correction. An immediate support on the downside is near the $46,500 level. The first major support is near the $46,000 level.
The next key support seems to be forming near the $45,400 level and the 100 hourly simple moving average. It is close to the 50% Fib retracement level of the upward move from the $43,374 swing low to $47,464 high.
Technical indicators:
Hourly MACD – The MACD is slowly losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.
Major Support Levels – $46,500, followed by $45,400.
Major Resistance Levels – $47,500, $48,000 and $49,200.

bitcoin
Bitcoin (BTC) $ 64,441.27
ethereum
Ethereum (ETH) $ 3,486.29
tether
Tether (USDT) $ 0.999775
bnb
BNB (BNB) $ 586.51
solana
Solana (SOL) $ 134.42
staked-ether
Lido Staked Ether (STETH) $ 3,486.73
usd-coin
USDC (USDC) $ 1.00
xrp
XRP (XRP) $ 0.486087
dogecoin
Dogecoin (DOGE) $ 0.123903
the-open-network
Toncoin (TON) $ 7.19
cardano
Cardano (ADA) $ 0.375410
shiba-inu
Shiba Inu (SHIB) $ 0.000018
tron
TRON (TRX) $ 0.118629
avalanche-2
Avalanche (AVAX) $ 25.26
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 64,329.24
chainlink
Chainlink (LINK) $ 13.72
polkadot
Polkadot (DOT) $ 5.63
bitcoin-cash
Bitcoin Cash (BCH) $ 386.60
uniswap
Uniswap (UNI) $ 9.99
near
NEAR Protocol (NEAR) $ 5.28
wrapped-eeth
Wrapped eETH (WEETH) $ 3,625.71
litecoin
Litecoin (LTC) $ 73.97
leo-token
LEO Token (LEO) $ 5.73
matic-network
Polygon (MATIC) $ 0.565977
dai
Dai (DAI) $ 0.999360
pepe
Pepe (PEPE) $ 0.000011
fetch-ai
Fetch.ai (FET) $ 1.54
internet-computer
Internet Computer (ICP) $ 8.20
ethena-usde
Ethena USDe (USDE) $ 1.00
kaspa
Kaspa (KAS) $ 0.146551
renzo-restaked-eth
Renzo Restaked ETH (EZETH) $ 3,508.17
ethereum-classic
Ethereum Classic (ETC) $ 23.39
aptos
Aptos (APT) $ 6.83
monero
Monero (XMR) $ 162.71
render-token
Render (RNDR) $ 7.45
hedera-hashgraph
Hedera (HBAR) $ 0.077831
stellar
Stellar (XLM) $ 0.091146
cosmos
Cosmos Hub (ATOM) $ 6.75
mantle
Mantle (MNT) $ 0.802216
arbitrum
Arbitrum (ARB) $ 0.796849
okb
OKB (OKB) $ 41.79
filecoin
Filecoin (FIL) $ 4.40
crypto-com-chain
Cronos (CRO) $ 0.092378
blockstack
Stacks (STX) $ 1.66
immutable-x
Immutable (IMX) $ 1.54
maker
Maker (MKR) $ 2,471.37
first-digital-usd
First Digital USD (FDUSD) $ 0.998438
sui
Sui (SUI) $ 0.901622
vechain
VeChain (VET) $ 0.025907
the-graph
The Graph (GRT) $ 0.215758