TA: Bitcoin Consolidates, Why BTC Could Start A Fresh Increase

Bitcoin price is holding the $48,000 support zone against the US Dollar. BTC must clear $49,500 and $49,750 to start a fresh increase in the near term. Bitcoin broke the $48,500 resistance, but it faced hurdles near $49,500. The price is now trading above $48,500 and the 100 hourly simple moving average. There is a major bullish trend line forming with support near $48,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a fresh increase unless it clears the $48,000 support and the 100 hourly SMA. Bitcoin Price Holds Key Support Bitcoin price formed a base above the $48,000 and started a fresh increase. BTC broke the $49,000 resistance and settled above the 100 hourly simple moving average. However, the price failed to gain strength above the $49,500 level. A high was formed near $49,657 before the price started a downside correction. There was a drop below the $49,000 support level. The price moved below the 23.6% Fib retracement level of the upward move from the $46,486 swing low to $49,657 high. Bitcoin is now trading above $48,500 and the 100 hourly simple moving average. There is also a major bullish trend line forming with support near $48,500 on the hourly chart of the BTC/USD pair. Source: BTCUSD on TradingView.com The next key support is near the $48,000 zone and the 100 hourly simple moving average. It is close to the 50% Fib retracement level of the upward move from the $46,486 s...