Bitcoin price started a downside correction from the $50,400 zone. BTC tested $48,250 and is currently attempting a fresh increase above $50,000.
- Bitcoin price is holding gains above the $48,250 and $48,500 support levels.
- The price is trading above $48,850 and the 100 hourly Simple moving average.
- There is a key bullish trend line forming with support at $48,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to move up if it clears the $50,000 resistance zone.
Bitcoin Price Remains Supported
Bitcoin price gained pace above the $48,800 resistance zone. BTC even spiked above the $50,000 resistance zone before the bears appeared. A new multi-week high was formed near $50,339 before the price corrected lower.
There was a move below the $49,500 and $49,200 levels. The price even dived below $49,000, but the bulls were active above the $48,250 support. A low was formed near $48,240 and the price is now moving higher. There was a move above the $48,800 zone.Bitcoin cleared the 50% Fib retracement level of the recent decline from the $50,390 swing high to the $48,240 low. It is now trading above $48,850 and the 100 hourly Simple moving average.
There is also a key bullish trend line forming with support at $48,750 on the hourly chart of the BTC/USD pair. Immediate resistance is near the $49,880 level or the 76.4% Fib retracement level of the recent decline from the $50,390 swing high to the $48,240 low.