Bitcoin price has risen over 5% and cleared the USD 45,000 resistance. BTC is showing positive signs following rumors of EOD approval of spot ETFs.
- Bitcoin is gaining pace above the USD 44,000 and USD 44,400 resistance levels.
- The price is trading above $45,000 and the 100 hourly Simple Moving Average.
- There was a break above a key ascending channel with resistance near $43,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is up over 5% after several rumors about EOD’s approval of BTC spot ETF.
Bitcoin price rises above $45K
Bitcoin price formed a base above the $41,200 level and started a new increase. BTC has overcome some major barriers near $43,200 to enter a bullish zone.
There are several rumors circulating that approval for a spot ETF could be possible by the end of today. The price is gaining speed on this rumor and broke the $44,000 level. There was also a break above a key ascending channel with resistance near $43,500 on the hourly chart of the BTC/USD pair.
Bitcoin even managed to overcome the resistance at $45,000. A new multi-week high is formed near $45,499 and the price is now consolidating gains. It is trading well above the 23.6% Fib retracement level of the upward move from the $41,300 swing low to the $45,499 high.
Bitcoin is also trading above $45,000 and the 100 hourly Simple Moving Average. On the upside, immediate resistance is around the $45,500 level.
Source: BTCUSD on TradingView.com
The first major resistance is $46,000. A close above the USD 46,000 level could send the price rising further. The next big hurdle is at $46,800. Any gains above the $46,800 level could open the doors for a move towards the $48,000 level.
Are dips attracted in BTC?
If Bitcoin fails to rise above the USD 45,500 resistance zone, a downward correction could occur. The immediate downside support is near the $45,000 level.
The next major support is near $44,500. If there is a move below $44,500, there is a risk of more losses. In the mentioned case, the price could fall towards the support at $43,500 in the short term.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels – USD 45,500, followed by USD 46,800.
Major resistance levels – $45,000, $44,500 and $43,500.
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