Bitcoin Price Analysis: BTC Rally Could Extend Toward $48K

• Bitcoin price started a strong increase above the $44,000 zone against the US Dollar.
• The price is now trading above $44,000 and the 55 simple moving average (4 hours).
• There was a break above a key bearish trend line with resistance near $42,650 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase).
• The pair could continue to rise if it stays above the $44,350 support zone.

Bitcoin price is showing positive signs above $44,000 against the US Dollar. BTC might correct lower, but dips could be limited below the $44,000 zone.

Bitcoin Price Analysis

Bitcoin price started a strong increase above the $42,500 resistance zone. The price remained stable above the $43,500 level and traded in a positive zone.

Besides, there was a break above a key bearish trend line with resistance near $42,650 on the 4-hour chart of the BTC/USD pair. There was a clear move above the $45,000 level and the 55 simple moving average (4 hours). The price even rallied above the $45,000 resistance zone.

However, the price seems to be struggling near the $46,000 zone. A high was formed near $45,925 and the price is now consolidating gains. The price traded below $45,000 but it is still above the 23.6% Fib retracement level of the upward move from the $41,300 swing low to the $45,925 high.

Bitcoin is now trading above $44,000 and the 55 simple moving average (4 hours). Immediate resistance on the upside is near the $45,500 level. The first major resistance is near the $46,000 level, above which the price could rise toward the $47,500 zone.

Any more gains might send the price toward the $48,000 zone. If there is no upside break, the price might start a downside correction below $44,850.

The next key support is near the $44,350 level. Any more losses might call for a move toward the 50% Fib retracement level of the upward move from the $41,300 swing low to the $45,925 high at $43,600.

Bitcoin Price

Looking at the chart, Bitcoin price is trading above $44,000 and the 55 simple moving average (4 hours). Overall, the price could continue to rise if it stays above the $44,000 support zone.

Technical Indicators

4 hours MACD – The MACD is now gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.

Key Support Levels – $44,350 and $43,600.

Key Resistance Levels – $45,500, $46,000, and $48,000.

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