- Bitcoin experienced a surge above $46,000 fueled by speculation around the SEC’s ETF approval.
- A rejection near $48,000 resulted in a sharp decline towards $45,000.
- Current trading indicates a recovery above $45,500 with a forming contracting triangle.
The Upside Story:
Bitcoin is back above $45,500 and the 100 hourly SMA, with a major contracting triangle forming resistance near $46,800. Immediate resistance lies at $46,800, followed by $47,200 and a crucial level at $48,000. A successful breach of these levels may propel the price towards the significant $49,250 resistance.
Potential Downside:
Failure to surpass the $46,800 resistance might trigger a new decline. Initial support is at $45,550, with a critical level at $45,200. Further downside momentum could lead to a drop towards the $44,800 support.
Conclusion:
Bitcoin’s recent price action, influenced by SEC-related news, shows volatility. Traders are advised to monitor key levels, especially the resistance at $46,800 and support at $45,200, to gauge potential directional movements in the coming sessions.
Prim