The price of Bitcoin continues its bullish rally, which began in the second half of March. For two weeks, the price of Bitcoin managed to return above the important resistance levels: $42000, $45000, $47000. Yesterday we saw an attempt to overcome the level of 48000. But from the first time, the bulls could not raise the price above this level. On the chart, the BTC/USD pair reached a high of 48234 but then retreated below 48000. At the time of publication, the BTC/USD pair is traded around 47550.
Thanks to the growth, the BTC/USD pair was able to make the level of 47000 as the support level. Yesterday’s bears’ attempts to lower the price of Bitcoin below $47000 were unsuccessful. It is worth noting that below the Bitcoin has strong support in the area of 46350. This level will stop the possible correction.
On the other hand, to continue the growth, the BTC/USD pair should overcome the resistance area of 48000-48200. The movement above this area will allow the pair to continue growth and aim at the level of 49000. The movement above this level will increase the chances of overcoming resistance in the area of 49500 and approaching the target level of 50000.
It is worth noting that with the increase in the price of Bitcoin, the Cryptoquant team notes the activation of whales. They began to inflow Bitcoins to the exchanges last week. It may be a bad sign for bulls. It is known that whales inflow cryptocurrency to the exchange for its subsequent sale. Analysts suggest that whales are preparing for a new bear phase. When the price of Bitcoin enters the area of 48000-50000, a new sale can begin. The strengthening of the BTC rate can last for several days, after which whales will start selling coins.
