Bitcoin recently saw a breakout from the critical resistance of $45k. This has pushed the price past $47k, with the bulls in total control of the market. Altcoins are also on the rise, the crypto market cap has crossed $2.25 trillion, and the Bitcoin rally looks strong. Yesterday, the price kept climbing, and I tested the MA 200 but was rejected at $48.3k. This was expected, and the price pulled back to $46.9k and is now trading at $47.6k.
Bitcoin rally looks strong
Bitcoin was rejected from the 200-day Moving Average at $48.3k but didn’t pull back much. The price stayed strong above the $47k level after bottoming out at $46.9k. This was important as the first support was at $46.8k. It seems that Bitcoin is going to take some time to clear the $48.3k level. When the price was collapsing from the ATH, this was necessary support and held strong for quite some time.
Right now, the 23.6% Fib retracement level also comes at the $48.2k level, which is also bound to give some resistance. As you can see from the chart, the yellow line is the MA 200. The price pulled back just from there. At the same time, there is a horizontal support line which will be essential to clear. The bullish trendline that is shown by the arrow stays intact, and we can be assured that it will stay so for now.
On the upside, the price breaking the $48.3k level will push it to $49k and even higher. We might soon be seeing $50k Bitcoin again as bulls pick up the pace and continue this rally. However, in case another rejection happens, the price is expected to find support near the $46.5k-$47k level. If these supports are breached, $45.5k and the trendline will be essential for the rally.
Altcoins
In case the rally continues, we can expect altcoins to keep rising higher. They are doing quite well and have recovered a lot of losses in the past 2 weeks. But on a pullback from Bitcoin, it will be essential to see how much alts correct before rallying again.
Does the Bitcoin rally look strong to you as the price has breached the $45k resistance? And do you think that we will reach $50k in the next couple of days? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: Indian government investigates 11 crypto exchanges for tax evasion.
