Bitcoin price started a strong increase above $45,000 against the US Dollar. BTC is now facing resistance near $50,000, but it might continue to rise.
Bitcoin gained pace above the $45,500 and $47,500 resistance levels.
The price is now trading above $47,000 and the 100 hourly simple moving average.
There is a key bullish trend line forming with support near $47,000 on the hourly chart of the BTC/USD pair.
The pair could correct lower, but the bulls might remain active near $47,000 or $46,500.
Bitcoin Price Gains Pace
Bitcoin price started a strong increase above the $45,000 resistance level. BTC broke the $46,500 resistance level and settled above the 100 hourly simple moving average.
The bulls gained strength and the price pumped above the $47,500 resistance. It even broke the $48,800 level and traded as high as $49,257. It is now correcting lower and trading below $48,500. An immediate support on the downside is near the $47,500 level.
Bitcoin is now trading well above the 23.6% Fib retracement level of the recent rally from the $40,890 swing low to $49,257 high. There is also a key bullish trend line forming with support near $47,000 on the hourly chart of the BTC/USD pair.
On the upside, an immediate resistance is near the $48,000 level. The first major resistance is near the $48,500 level, above which the price could revisit $49,250.
The next major resistance is near the $50,000 level. A close above the $50,000 level could start a major increase in the near term. In the stated case, the price might rise towards the $52,000 level in the near term.