Bitcoin Surges 5%, Eyeing $48,000 Resistance

Bitcoin initiated a strong upward move, surpassing the critical $43,500 barrier. The surge gathered momentum, propelling BTC above $44,000 and $44,500 levels, indicating a positive market shift.

Price Action:

BTC charted a breakout above a significant contracting triangle, breaching resistance around $44,000 against the US dollar in the hourly chart of BTC/USD. The bullish rally led to a fresh multi-day peak at $47,306, following which the price is consolidating its gains.

Currently, Bitcoin is trading above $45,000 and the 100-hourly Simple Moving Average (SMA). Additionally, it maintains levels above the 23.6% Fibonacci retracement level of the upward swing from the $43,208 low to the recent $47,306 high.

Key Resistance and Support Levels:

The immediate hurdle lies near $47,000, with a pivotal barrier at $47,200. A clear breach above $47,200 could propel BTC towards the significant $48,000 resistance. Subsequently, the next resistance forms around $48,800, and a decisive close above this level might trigger further upward movement. This could pave the way for potential gains towards $49,250 and eventually the critical $50,000 level.

However, a failure to surpass the $47,200 resistance zone might prompt a downside correction. Initial support stands at $46,400, followed by a more substantial support zone near $45,900. A dip below this level could lead to increased bearish momentum, potentially targeting the $45,250 support or the 50% Fibonacci retracement level of the recent upward move from $43,208 to $47,306.

Outlook:

The current trajectory showcases Bitcoin's bullish momentum aiming for the $48,000 resistance level, with significant barriers at $47,000 and $47,200. Failure to breach these levels might prompt a corrective move, targeting supports at $46,400 and $45,900.

Note: The market is ever-changing, and prices may fluctuate rapidly based on various factors.