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NFT Summer Fest'22

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 Gains Momentum; Why Isn't The Rally Over? BTCUSD 2021 12 22 16 06 23 | BuyUcoin

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.

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