Bitcoin price has seen a further increase after its recent drop below the $46.500 level. Buying strength remained active near the $45.500 support zone.
BTC price is now trading near $49.000 and the 100 hourly simple moving average. It is facing resistance near the $49.300 zone. The next key resistance might be $49.600, above which the price might test the key resistance of $50.000.
A break of the $50.000 resistance could shift the short-term bias to the upside and such a move would suggest that a break below the 200-day SMA below $46.500 could have been a bear trap. The pair could then go up to $52.000 and later attempt a rebound to $60.000.
If bitcoin fails to break the $49.600 resistance zone, it could start a further decline. Immediate support on the downside is near the $46.500 level. First big support is near $46.200. A break below the $46.200 level could push the price towards the $45.500 support, where bulls may remain buying in the short term.
Technical indicators:
- Key support levels: $46.200 followed by $45.500.
- Major Resistance Levels: $49.600 followed by $50.000
