Bitcoin Price Reclaims $48K But Can Bulls Pump BTC To $50K?

Bitcoin’s price has surged above the $48,000 resistance level, prompting speculation about a potential pump towards $50,000. The current price movement indicates a possible downside correction, with support forming around $48,000. Nevertheless, as long as Bitcoin remains above this support level, upward momentum is likely to continue. The recent increase in price saw Bitcoin reach a multi-week high near $48,775 before consolidating gains. While the price briefly dipped below $48,500, it remains above the 100 hourly Simple Moving Average and is trading around $47,500. A key bullish trend line has formed with support at $48,000 on the BTC/USD hourly chart. The immediate resistance lies at $48,500, followed by $48,800. A successful break above these levels could set the stage for a push towards $49,250, $49,800, and possibly $50,000. However, if Bitcoin fails to surpass the $48,800 resistance, a downside correction may occur. The first major support level is anticipated at $48,000, followed by $47,650. Further bearish momentum could lead the price towards the $46,500 support level. Technical indicators suggest that the MACD is losing bullish momentum, while the RSI is hovering around the neutral 50 level. Traders are advised to conduct their own research and exercise caution when considering investment decisions.