As we predicted in the past post, the level of 45700 provided enough support for the BTC/USD pair. It stopped the correction and did not allow the pair lower below. Even though the BTC/USD pair was trying to move close to the level of 45000, the bears did not have enough strength to develop a decline. As a result, the pair bounced off the support level of 45700 and rose to the 46500 area.
On the 4-hour chart, the BTC/USD pair continues to form an upward trend. And the level of 45700 continues to provide strong support for the BTC/USD. However, in parallel, we see the formation of a triangle, which limits movement in the area of 47000. Thus, this level remains the nearest resistance level for the BTC/USD pair. Breakthrough this level will allow the BTC/USD pair to leave the triangle and continue the formation of an upward trend. In this case, the BTC/USD pair will try again to ascend to the area of 48000. Any movement above this level will increase the chances of lifting to the level of 50000. The intermediate resistance is in the area of 49250.
If the BTC/USD pair can’t rise above 47000, there is a risk of a further decline to the area of 46200. The continuation of the descending will allow the pair to fall to the 45700 area. The key support is in the area of 45150.
It is worth noting that some analysts make skeptical forecasts for Bitcoin. For example, Mike Novogratz does not expect a strong increase in the price of Bitcoin this year. The Fed is likely to raise interest rates. The regulator is on tightening monetary policy to slow inflation.
Bloomberg analysts also believe that the rally under current conditions is unlikely. The market enters the bear phase, similar to the spring of 2019. Over the next few months, trades are expected in a narrow range.
