The price of Bitcoin jumped toward $48,000 after the Spot BTC ETF approval post from the hacked SEC X account.
The “misleading” X post caused Bitcoin to spike toward the $47,800 and $48,000 resistance levels.
However, after it was discovered that the X post was fake, Bitcoin trimmed all its gains. Nevertheless, the uptrend support is still intact near $45,200.
At press time, Bitcoin is trading above $45,500 and the 100 hourly Simple moving average.
Bitcoin Price Faces Rejection
Bitcoin price started a fresh increase above the $45,500 resistance zone.
BTC gained bullish momentum above the $46,000 and $46,500 levels after the hacked SEC account tweet about the ETF approval.
After clarification, there was a sharp rejection near the $48,000 zone. A high was formed near $47,988 before the price started a fresh decline.
There was a move below the $47,000 and $46,500 levels. The price dived toward the $45,000 support.
A low was formed near $44,828 and the price is now rising. It is back above the 23.6% Fib retracement level of the recent decline from the $47,988 swing high to the $44,828 low.
Bitcoin is now trading above $45,500 and the 100 hourly Simple moving average.
There is also a major contracting triangle forming with resistance near $46,800 on the hourly chart of the BTC/USD pair. On the upside, immediate resistance is near the $465,400 level.
It is near the 50% Fib retracement level of the recent decline from the $47,988 swing high to the $44,828 low.
The first major resistance is $46,800. A clear move above the $46,800 resistance could send the price toward the $47,200 resistance.
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.
If Bitcoin fails to rise above the $46,800 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $45,550 level.
The next major support is $45,200. If there is a move below $45,200, the price could gain bearish momentum.
In the stated case, the price could drop toward the $44,800 support in the near term.
Technical Indicators:
- Hourly MACD – The MACD is now losing pace in the bearish zone.
- Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
- Major Support Levels – $45,500, followed by $45,200.
- Major Resistance Levels – $46,400, $46,800, and $47,200.
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