Bitcoin price recovered nicely after diving towards the $46,000 zone against the US Dollar. BTC is eyeing a fresh increase above $49,000 and it may even test the $50,000 barrier.
- Bitcoin started a fresh increase after correcting lower to $45,700.
- The price is trading above the $47,000 support, but it is below the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance near $48,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to rally once there is a clear break above the $48,500 and $49,000 resistance levels.
Bitcoin Price is Gaining Momentum
There was a sharp downside correction in bitcoin price from the $49,700 high. BTC dived below the $48,000 and $47,000 support levels. However, the bulls were active above $45,000 and $45,500.
A low was formed near $45,700 and the price recently started a steady increase. There was a break above the $47,000 resistance level. The price was able to climb back above the 50% Fib retracement level of the downward move from the $49,700 swing high to $45,700 low.