Bitcoin Breaks Key Resistance Zone

Bitcoin finally cleared the $45K key resistance against the US dollar and rallied past $47K. It has been positive lately for Bitcoin as its price remained well bid and supported by ‘risk-on’ sentiment.

Bitcoin traded at the 23.6% Fibonacci retracement level and settled above the 100 hourly simple moving average. A bullish momentum is likely to continue in the near term with support near $45,200 on the hourly chart of the BTC/USD pair.

The next breakout zone is above $47,600 and this might spur another surge. If successful, the price will break through the $48,000 resistance level.

The bulls will lose steam if Bitcoin doesn’t manage to trade beyond the $47,500 barrier. A breach below the $46,000 support zone on the downside could trigger a decline towards the $45,000 level.

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