BITCOIN PRICE CLIMBS TO $46K, UPTREND COULD EXTEND TO $48K?

Bitcoin price started a steady increase above the $43,500 resistance zone. BTC cleared a few hurdles near the $44,000 and $44,200 levels to move into a positive zone.

The bulls gained strength and were able to pump the price above the $45,000 resistance. It traded close to the $46,000 level. A new multi-day high is formed near $45,955 and the price is showing signs of more gains in the near term.

Bitcoin is trading well above the 23.6% Fib retracement level of the recent surge from the $42,765 swing low to the $45,955 high. It is also trading above $45,000 and the 100 hourly Simple moving average.

Besides, there is a key connecting bullish trend line forming with support at $45,480 on the hourly chart of the BTC/USD pair. Immediate resistance is near the $46,000 level. The next key resistance could be $46,200, above which the price could start another decent increase.

The next stop for the bulls may perhaps be $46,850. A clear move above the $46,850 resistance could send the price toward the $47,500 resistance. The next resistance could be near the $48,000 level.

DOWNSIDE CORRECTION IN BTC?

If Bitcoin fails to rise above the $46,200 resistance zone, it could start a downside correction. Immediate support on the downside is near the $45,500 level or the trend line.

The first major support is $44,400 and the 50% Fib retracement level of the recent surge from the $42,765 swing low to the $45,955 high. If there is a close below $44,400, the price could gain bearish momentum. In the stated case, the price could dive toward the $43,500 support.#BTC #BTCBefore2025 #BTC; #BTCAlert #btctothenull