Bitcoin (BTC) price has commenced the resumption of upward move above the $44,000 support.
Today, March 1, Bitcoin is trading above $47,000 and it is approaching a high of $48,000. If the bulls sustain the current bullish momentum, a retest of the $52,000 resistance is likely. Once the $52,000 is breached, a rally to $58,000 will be the next target. In the previous price action, the Bitcoin price was confined between $44,000 and $48,000.
The bulls and bears have been in price tussles for the past four days. The price now has bullish momentum. If the bulls break the initial resistance at $48,000, it will result in accelerated price movement. The market will rise to retest the $52,000 and $58,000 overhead resistance. However, if buyers are overcome at the $48,000 resistance, the BTC price will fall and retest the $44,000 support. A breakdown will weaken the digital currency.
From the 4 – hour chart, the bulls have broken the downtrend line. Technically, when price breaks and closes above a trend line, a new trend will be in place. Presently, the price has broken above the 21-day SMA. A break above the 50-day SMA will compel the coin to resume upside momentum.
Major Resistance Levels – $60,000 and $62,000
Major Support Levels – $45,000 and $40,000
Bitcoin has resumed its upward move, following a successful defence of the $44,000 support level by the bulls. The cryptocurrency will be out of its downward correction if the bulls break above the $51,000 resistance. The current uptrend is facing resistance at the $48,000 resistance zone.
Disclaimer. This analysis and forecast are the personal opinions of the author and 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.