TA: Bitcoin Stable Above $46K, Why $48K Holds The Key In Near Term

Bitcoin price is consolidating above the $46,000 zone against the US Dollar. BTC is must clear $47,500 and $48,000 to start a steady increase in the near term. Bitcoin is facing a major resistance near $47,500 and $48,000 levels. The price is still trading well below $48,000 and the 100 hourly simple moving average. There was a break above a connecting bearish trend line with resistance near $46,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a decent increase if there is a close above the $48,000 resistance zone. Bitcoin Price Aims Recovery Bitcoin price remained stable above the $46,000 support zone. It seems like BTC is trading in a range above the $46,000 support zone and below the $47,500 resistance. Recently, there was a break above a connecting bearish trend line with resistance near $46,200 on the hourly chart of the BTC/USD pair. The last swing high was formed near $47,399 before the price started a downside correction. There was a break below the $47,000 area. The price declined below the 23.6% Fib retracement level of the recent increase from the $44,444 swing low to $47,399 high. The bulls are now protecting the $46,000 support zone. Source: BTCUSD on TradingView.com However, the price is still trading well below $48,000 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $47,000 level. The first major resistance is near the $47,500 l...