Bitcoin Price Rejects 48K After The SEC Drama But Uptrend Still Intact 10.01.24

Bitcoin price jumped toward $48,000 after the hacked SEC account tweet. BTC trimmed all gains, but the uptrend support is still intact near $45,200.

• Bitcoin spiked toward the $47,800 and $48,000 resistance levels.
• The price is trading above $45,500 and the 100 hourly Simple moving average.
• There is a major contracting triangle forming with resistance near $46,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could continue to move up toward the $48,000 level unless there is a close below $45,000.

Bitcoin Price Faces Rejection

Bitcoin price started a fresh increase above the $45,500 resistance zone. BTC gained bullish momentum above the $46,000 and $46,500 levels after the hacked SEC account tweet about the ETF approval.

After clarification, there was a sharp rejection near the $48,000 zone. A high was formed near $47,988 before the price started a fresh decline. There was a move below the $47,000 and $46,500 levels. The price dived toward the $45,000 support.

A low was formed near $44,828 and the price is now rising. It is back above the 23.6% Fib retracement level of the recent decline from the $47,988 swing high to the $44,828 low.

Bitcoin is now trading above $45,500 and the 100 hourly Simple moving average. There is also a major contracting triangle forming with resistance near $46,800 on the hourly chart of the BTC/USD pair. On the upside, immediate resistance is near the $465,400 level. It is near the 50% Fib retracement level of the recent decline from the $47,988 swing high to the $44,828 low.

Source: BTCUSD on TradingView.com

The first major resistance is $46,800. A clear move above the $46,800 resistance could send the price toward the $47,200 resistance. The next resistance is now forming near the $48,000 level. A close above the $48,000 level could send the price further higher. The next major resistance sits at $49,250.

More Losses In BTC?

If Bitcoin fails to rise above the $46,800 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $45,550 level.

The next major support is $45,200. If there is a move below $45,200, the price could gain bearish momentum. In the stated case, the price could drop toward the $44,800 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $45,500, followed by $45,200.

Major Resistance Levels – $46,400, $46,800, and $47,200.

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