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.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.
