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Tuesday, February 20, 2024

Bitcoin Price Stuck Below $48K Despite ETF Approval, Is This Bearish?

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Bitcoin price remained in a range above the $45,000 support. BTC failed to climb higher above the $48,000 resistance despite approval of spot ETF.

  • Bitcoin is still struggling to clear the $47,800 and $48,000 resistance levels.
  • The price is trading above $45,600 and the 100 hourly Simple moving average.
  • There was a break above a major contracting triangle with resistance near $46,550 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a fresh decline if the bears continue to protect the $48,000 resistance.

Bitcoin Price Upsides Capped

Bitcoin price remained stable above the $45,500 resistance zone. Finally, the SEC approved all 11 spot ETF. BTC did climb higher above the $46,500 and $46,600 resistance levels after the news.

There was a break above a major contracting triangle with resistance near $46,550 on the hourly chart of the BTC/USD pair. However, the bears were still active near the $47,350 and $47,800 levels. A high was formed near $47,699 and the price is now showing a few bearish signs.

There was a minor decline below the $47,000 level. Bitcoin declined below the 23.6% Fib retracement level of the recent increase from the $44,333 swing low to the $47,699 high.

The price is now trading above $45,600 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $47,000 level. The first major resistance is $47,350. A clear move above the $47,350 resistance could send the price toward the $47,800 resistance.

Bitcoin Price

Source: BTCUSD on TradingView.com

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.

Another Decline In BTC?

If Bitcoin fails to rise above the $47,350 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $46,550 level.

The next major support is $46,000 or the 50% Fib retracement level of the recent increase from the $44,333 swing low to the $47,699 high. If there is a move below $46,000, the price could gain bearish momentum. In the stated case, the price could drop toward the $45,150 support in the near term.

Technical indicators:

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

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

Major Support Levels – $46,500, followed by $46,000.

Major Resistance Levels – $47,000, $47,350, and $47,800.

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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