Bitcoin price is gaining pace above the $45,500 resistance. BTC tested $46,000 and could extend its rally toward the $48,000 resistance.
- Bitcoin price climbed higher above the $44,500 and $45,000 resistance levels.
- The price is trading above $45,000 and the 100 hourly Simple moving average.
- There is a key connecting bullish trend line forming with support at $45,480 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to move up if it clears the $46,000 resistance zone.
Bitcoin Price Jumps 5%
Bitcoin price started a steady increase above the $43,500 resistance zone. BTC cleared a few hurdles near the $44,000 and $44,200 levels to move into a positive zone.
The bulls gained strength and were able to pump the price above the $45,000 resistance. It traded close to the $46,000 level. A new multi-day high is formed near $45,955 and the price is showing signs of more gains in the near term.Bitcoin is trading well above the 23.6% Fib retracement level of the recent surge from the $42,765 swing low to the $45,955 high. It is also trading above $45,000 and the 100 hourly Simple moving average.
Besides, there is a key connecting bullish trend line forming with support at $45,480 on the hourly chart of the BTC/USD pair. Immediate resistance is near the $46,000 level. The next key resistance could be $46,200, above which the price could start another decent increase.