Finally, the BTC/USD pair managed to gain a foothold above $46000 and rise above $47000. The previous attempt to rise above $47000 was unsuccessful. After it, the BTC/USD pair dropped to the area of $44400 and several times unsuccessfully tried to rise above $46000. At the time of publication, the BTC/USD pair is trading around $47800.
An uptrend line is forming on the hourly chart, providing support around $47650. And on the daily chart, we see a long-term bullish signal, the so-called “golden cross,” forming when the 50-day moving average crosses the 200-day moving average. Despite the fact that the “golden cross” is considered a lagging indicator, in the past, the formation of such a cross has led to further increases in the price of Bitcoin. Remember May 2020, when the price, after falling below $10000, then rose sharply after the formation of the “golden cross”.
The BTC/USD pair could continue to rally around $50000 if it manages to hold above $47000. In this case, the level of $50000 will provide enough resistance to the pair.
If the BTC/USD pair fails to hold above $47000, it could pull back around $44700.