Bitcoin Price Analysis: The market is on the verge of breaking a key resistance

Bitcoin started a new uptrend above $ 45,500 two days ago. The upward trend continues and buyers may be able to overcome the key resistance of $ 50,000.

To Report Bitcoin News has set a new support level for Bitcoin and started a new uptrend above $ 46,500. The uptrend was accompanied by a break above $ 47,500 and the 100-hour moving average (SMA).

Another resistance broke in the range of $ 48,500 and the level of 76.4% Fibonacci correction. In this analysis, Fibonacci levels are adjusted based on the downward movement of the price from $ 48,289 to the bottom of $ 45,600. Shortly afterwards, buyers managed to break the $ 49,000 resistance.

The 24-hour price peak is now near $ 49,600 and there are several signs of an uptrend in the market. In the 1-hour view of the market, an uptrend channel has formed a support near $ 48,750.

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Bitcoin is currently trading above the 23.6% Fibonacci retracement level, with a resistance at $ 49,600. The next key resistance is near $ 50,000; The passage of the price candle above this level could be the beginning of a further jump in the price of Bitcoin. $ 51,200 can also be considered as the next hurdle for buyers.

On the other hand, if buyers fail to cross the $ 50,000 mark, a new bearish correction may begin in the market.

As the market declines, $ 49,000 and the 50% Fibonacci retracement level will act as key price resistance. Breaking this level could further lead to a drop in the price of Bitcoin to $ 48,500, after which sellers will test the support of $ 47,800.

The MACD is slowly entering the uptrend and the Relative Strength Index (RSI) is above 50.

As mentioned, $ 49,000 and $ 48,500 are key Bitcoin supports, and $ 49,600, $ 50,000 and $ 51,200 also act as price resistance.