Bitcoin Price Analysis

Bitcoin price analysis; Where is the support and resistance of Bitcoin?

The price of Bitcoin in recent days was following the resistance of $ 48,000. However, the fluctuations of this digital currency were such that it remained below the simple moving average of 100. Shortly before, the price of Bitcoin was able to rise to $ 48,250.

to the Report According to Newsbite, the price of Bitcoin fell below the support of $ 47,500 and $ 47,000 after reaching a peak of $ 48,250. After that, we saw a fall below the support of $ 46,500 and the price floor formed at $ 46,549. Bitcoin is currently traded at 23.6% near Fibonacci. The Fibonacci is down from $ 48,245 to $ 46,540.

Bitcoin, on the other hand, is currently trading below $ 48,000 and a simple 100-hour moving average. $ 4,500 is one of the key supports for Bitcoin.

Bitcoin price chart
Bitcoin price chart

If the price falls below the $ 46,500 support area, the downtrend is likely to intensify. The next major support will be $ 45,500. If this support is broken, you can expect a reduction of up to $ 45,000. The next price target after this support is $ 42,000.

If Bitcoin stays above $ 46,500 support, another jump is likely. In case of a jump of 47,200, it will be the first bitcoin resistance. $ 47,400 acts as a significant resistance for this digital currency. This level is close to the 50% Fibonacci level formed in the recent fall.

$ 48,000 and a simple 100-hour moving average are also the main resistance of Bitcoin. Closing the price above this level and stabilizing it opens the way for a significant jump in the short term.

The MACD is in the uptrend zone and the Relative Strength Index (RSI) is fluctuating below 50 by a wide margin.

$ 46,500 and $ 45,000 are the main supports, and $ 47,200, $ 47,400 and $ 48,000, respectively, act as resistance to Bitcoin.


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