Bitcoin’s price experienced a strong rally towards $48,000 following a tweet from a hacked SEC account about ETF approval. However, the gains were short-lived as the price faced rejection near this level. Despite the setback, the overall uptrend remains intact, with the price finding support near $45,200.
Currently, Bitcoin is trading above $45,500 and the 100 hourly Simple Moving Average. A major contracting triangle is forming with resistance near $46,800 on the hourly chart. If the price breaks above this resistance, it could continue its ascent towards the $48,000 level. Further resistance levels are seen at $47,200 and $49,250.
On the other hand, if the price fails to surpass the $46,800 resistance, it might initiate a fresh decline. Immediate support is found near $45,550, followed by a more significant support level at $45,200. A move below this level could lead to bearish momentum, potentially pushing the price towards the $44,800 support.
It is important to note that investing in cryptocurrencies carries risks, and individuals should conduct their own research before making any investment decisions.