Bitcoin Holds above $47,000, Continues to Build Strength on the Market Surge

Bitcoin (BTC) price has risen to $48,192 as buyers failed to maintain bullish momentum above the recent high. Bitcoin would have reached the psychological price level of $50,000 if the resistance of $48,000 is broken. Today, the BTC price has dropped to a low of $47,115 (at the time of writing).

There is a possibility that the largest cryptocurrency will fall back to the low of $46,400. However, if the bears break the support at $46,400, Bitcoin will continue to fall to the breakout level of $45,400. Currently, the BTC price is fluctuating below the resistance zone. It fluctuates between $46,750 and $48,000. The market will resume its uptrend if the price holds above the $46,750 support. Nevertheless, Bitcoin's uptrend is doubtful as the market is approaching the overbought zone.

Bitcoin indicator reading

The current uptrend has brought Bitcoin to level 68 on the Relative Strength Index for period 14. The BTC price is fluctuating as it gradually declines. However, a rebound above $47,000 support will push the BTC price above overhead resistance. Bitcoin is above the 40% area of the daily stochastic. This suggests that the market is in a bullish momentum.

Technical indicators:  

Major Resistance Levels - $65,000 and $70,000

Major Support Levels - $60,000 and $55,000 

What is the next direction for BTC?

BTC/USD is in a sideways trend as the cryptocurrency is retreating from its recent high. Over the past four days, the price of BTC has been fluctuating in a narrow range as the cryptocurrency holds above support at $47,000. The appearance of small body candlesticks suggests that buyers and sellers are undecided about the direction of the market.

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.