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The value of Bitcoin surged towards $48,000 following a post regarding Spot BTC ETF approval from the compromised SEC X account.
The “misleading” X post triggered a rise in Bitcoin towards the resistance levels of $47,800 and $48,000.
However, once it was revealed that the X post was fraudulent, Bitcoin reversed all its gains. Nonetheless, the uptrend support remains intact around $45,200.
At the time of writing, Bitcoin is trading above $45,500 and the 100 hourly Simple Moving Average.
Bitcoin Price Chart | Source: Coinstats
Bitcoin Price Encounters Rejection
The price of Bitcoin initiated a new increase above the $45,500 resistance area.
BTC gained bullish momentum surpassing the $46,000 and $46,500 thresholds following the tweet from the hacked SEC account regarding the ETF approval.
After clarification, there was a significant rejection near the $48,000 area. A peak was reached around $47,988 before the price began to decline again.
The price fell below the $47,000 and $46,500 levels, heading towards the $45,000 support.
A low was established around $44,828, and the price is currently on the rise. It has moved back above the 23.6% Fib retracement level of the recent decline from the $47,988 swing high to the $44,828 low.
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Bitcoin is presently trading above $45,500 and the 100 hourly Simple Moving Average.
A significant contracting triangle is also forming with resistance near $46,800 on the hourly chart of the BTC/USD pair. On the upside, immediate resistance is located around the $46,400 level.
This is close to the 50% Fib retracement level of the recent decline from the $47,988 swing high to the $44,828 low.
The first major resistance is at $46,800. A decisive move above the $46,800 resistance could propel the price towards the $47,200 resistance.
The next resistance is now developing near the $48,000 level. A close above the $48,000 mark could push the price even higher. The next significant resistance is at $49,250.
If Bitcoin does not manage to surpass the $46,800 resistance zone, it may initiate a new decline. Immediate support on the downside is near the $45,550 level.
The next major support is at $45,200. If the price moves below $45,200, it could gain bearish momentum.
In that scenario, the price might drop towards the $44,800 support in the near term.
Technical Indicators:
- Hourly MACD – The MACD is currently losing momentum in the bearish zone.
- Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
- Major Support Levels – $45,500, followed by $45,200.
- Major Resistance Levels – $46,400, $46,800, and $47,200.
The post Bitcoin Price Rejects 48K After The SEC Drama But Uptrend Still Intact appeared first on BitcoinWorld.
