In the past two days, Bitcoin price has seen heavy corrections. Dropping from $58000 to $45000, it settled below the 100 hourly simple moving average. The drop was prompted by a whale moving 28,000 BTC worth $1.6 billion at the time, to crypto exchange Gemini.
The Bitcoin price now is recovering losses. There was a break above the 23.6% and 38.2% Fib retracement level of the downward move from the $58,400 swing high to $45,000 low.
The first major resistance is now forming near the $51,700 level. A close above the $51,700 resistance level could push the BTC USD price towards $53,250 and $55,000 in the near term.
If bitcoin fails to continue higher above the resistance trend line, there are chances of dips. Initial support on the downside is near the $48,000 level and $45000 as the key support zone. If there is a clear break below the $45,000 support, the Bitcoin USD price could dive lower. The next major support for Bitcoin sits near the $40,000 level.
Technical indicators:
Hourly MACD – The MACD for BTC/USD is slowly gaining momentum and heading towards the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above 50.
Major Support Levels – $48,000, and $45,000.
Major Resistance Levels – $51,700, $53,250 and $55,000.
BTC USD Price Live momentum.
