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Friday, September 22, 2023

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Why Bitcoin Price Aims $50K, Dips Remain Attractive

Bitcoin price started a fresh increase from the $45,500 support against the US Dollar. BTC is likely to accelerate higher above the $48,000 resistance zone.

Bitcoin is trading nicely above the $45,500 and $46,500 resistance levels.
The price is now trading below $47,000 and the 100 hourly simple moving average.
There is a major bullish trend line forming with support near $46,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is likely to extend its increase above the main $48,000 resistance zone.

Bitcoin Price Gains Momentum
Bitcoin price remained well bid above the $45,500 support zone. BTC traded as low as $45,564 and it recently started a fresh increase above the $46,200 resistance level.
There was a break above a connecting bearish trend line with resistance near $46,500 on the hourly chart of the BTC/USD pair. The pair even cleared the 61.8% Fib retracement level of the downward move from the $48,150 swing high to $45,564 low.
The pair is now trading below $47,000 and the 100 hourly simple moving average. It is also above the 76.4% Fib retracement level of the downward move from the $48,150 swing high to $45,564 low.

Source: BTCUSD on TradingView.com
An immediate resistance on the upside is near the $48,000 level. The next key resistance is near the $48,150 level. The current price action suggests that bitcoin price may soon clear the $48,150 high. In the stated scenario, the price is likely to accelerate higher. The next main resistance could be $50,000.
Dips Limited in BTC?
If bitcoin fails to climb above the $48,000 and $48,150 resistance levels, it could start a downside correction. An initial support on the downside is near the $47,000 level.
The first major support is now near the $46,500 zone. The main support is now forming near the $46,250 level. There is also a major bullish trend line forming with support near $46,250 on the same chart. If the price fails to stay above the trend line support, it could move down towards the $45,500 support level. The next major support is near $44,500.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is well above the 50 level.
Major Support Levels – $46,250, followed by $45,500.
Major Resistance Levels – $48,000, $48,150 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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