Bitcoin price rose over 5% and broke through the $45,000 resistance. BTC shows positive signs following rumors of one-time ETF approval by EOD.
- Bitcoin is advancing above the $44,000 and $44,400 resistance levels.
- The price is trading above $45,000 and the 100 hourly simple moving average.
- There was a breakout above a key ascending channel with resistance near $43,500 on the hourly chart of the BTC/USD pair (Kraken data feed).
- The pair is up more than 5% after several rumors about the EOD’s approval of the BTC spot ETF.
Bitcoin price rises above $45,000
Bitcoin price formed a base above the $41,200 level and started a fresh rise. BTC broke a few major barriers near $43,200 to enter a bullish zone.
There are several rumors circulating that one-time approval of the ETF would be possible by the end of the day. The price accelerates following this rumor and crosses the $44,000 level. There was also a break above a key ascending channel with resistance near $43,500 on the hourly chart of the BTC/USD pair.
Bitcoin even broke the $45,000 resistance. A new multi-week high formed near $45,499 and the price is now consolidating its gains. It is trading well above the 23.6% Fibonacci retracement level of the upward move from the $41,300 low to $45,499 high.
Bitcoin is also trading above $45,000 and the 100 hourly simple moving average. On the upside, immediate resistance is near the $45,500 level.
Source: BTCUSD on TradingView.com
The first major resistance is $46,000. A close above the $46,000 level could push the price further. The next major hurdle lies at $46,800. Any further gains above the $46,800 level could open the door for a move towards the $48,000 level.
Are bears attracted to BTC?
If Bitcoin fails to move above the $45,500 resistance zone, it could begin a downward correction. Immediate downside support is near the $45,000 level.
The next major support is near $44,500. If there is a move below $44,500, there is a risk of further losses. In the indicated case, the price could fall to the support of $43,500 in the near term.
Technical indicators:
Hourly MACD – The MACD is now accelerating into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels – $45,500, followed by $46,800.
Major resistance levels – $45,000, $44,500 and $43,500.
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