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Bitcoin price rebounded above $ 48,000, but failed near $ 50,000 against the dollar.

 

Bitcoin price

BTC is currently earning over $ 47,000 and is likely to make another attempt to exceed $ 50,000.

Bitcoin consolidates gains above the $ 47,000 and $ 46,500 support levels.

The price is currently trading well above $ 47,000 and the 100 hourly simple moving average.

The hourly chart of the BTC / USD pair features a key bearish channel or bullish flag with resistance around $ 49,000

The pair could start a strong rise once it clears $ 49,000 and $ 50,000 in the near term.

If Bitcoin fails to break above the $ 49,000 and $ 50,000 resistance levels, there could be a new decline. The first key support on the downside is near the $ 47,500 level.

The next major support is near the $ 47,000 level and the 100 hourly simple moving average. The main breakout zone is currently forming near the $ 46,500 level, below which the price could drop to $ 43,000 in the near term.

Technical indicators

Hourly MACD – The MACD is now gaining momentum in the bullish zone.

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

Major Support Levels – $ 47,000 followed by $ 46,500.

Major Resistance Levels – $ 49,000, $ 50,000 and $ 52,000

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