After a strong rally on Friday, when the price of Bitcoin first hit $48000, we saw a correction in the price of Bitcoin over the weekend. The BTC/USD pair corrected to the support level of 45500 over the weekend. Today we see bulls activating and a fresh attempt to rise above the level of 48000. At the time of publication, the BTC/USD pair is trading around $47200.
On the 4-hour chart, the BTC/USD pair continues to move in an upward channel that began to form on July 20. Thanks to strong growth the last week, the BTC/USD pair formed several important support levels for itself in the area of 43400, 44700, and 45500. Even if we see the price drop below the level of 45500, it will not trigger a wave of Bitcoin sales. Up to the 42500 level, we will observe a temporary price correction. If the bears manage to drop the price below $42500, then we will see active sales in the cryptocurrency market.
However, analysts are considering a more optimistic scenario. Since the BTC/USD pair is trading above the level of 47000, this gives it a chance to hit the mark of $50000 in the coming sessions. A confirmed break of the $50000 level will trigger a new wave of Bitcoin price increase. In this case, the price can quickly rise to the area of 60000, as it did in March.
If you look at the RSI, you will see that the price has not reached the overbought zone and has been moving along the price channel since the beginning of August. That is, bulls and bears are waiting for further developments. A break of the 50000 level will trigger a new bullish rally towards the $60000 area.
