TA: Bitcoin Reclaims $45K, Why Bulls Remain In Driver’s Seat

Bitcoin price started a fresh increase above the $45,000 resistance zone against the US Dollar. BTC is likely to continue higher towards the $48,000 level in the near term. Bitcoin found support near $42,800 and it started a fresh increase above $44,000. The price is now trading above $45,000 and the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $44,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is consolidating gains and it could accelerate higher above the $46,500 zone. Bitcoin Price Regains Strength Bitcoin price corrected lower below the $43,500 level, similar to ethereum. However, BTC remained well bid near $43,000 and $42,800. It traded as low as $42,855 and recently started a fresh increase. There was a clear break above the $44,000 resistance zone. Besides, there was a break above a major bearish trend line with resistance near $44,000 on the hourly chart of the BTC/USD pair. The pair is now trading above $45,000 and the 100 hourly simple moving average. It even surpassed the $46,000 resistance zone. A high is formed near $46,510 and bitcoin is now consolidating gains. An immediate support is near the $45,650 level. It is near the 23.6% Fib retracement level of the recent wave from the $42,855 swing low to $46,511 high. Source: BTCUSD on TradingView.com There is also a rising channel forming with support near $45,650 on the same ...