Since Bitcoin left the downtrend in early August, it has been showing steady gains. Since the beginning of August, the price of Bitcoin has already increased by almost 23% and is striving to come close to the $50000 mark.
Bitcoin is receiving support from gold, whose price has been declining in recent days. Also, the price was supported by the fact that it looks like a law aimed at obtaining taxes from the crypto sphere has been sent to the back burner.
In addition, according to Glassnode, there is a possibility that the supply of Bitcoins in the market will be reduced. As Glassnode records the return of long-term Bitcoin holders to the market.
On the hourly chart of the BTC/USD pair, we see an uptrend forming, providing support for the pair around $45600. And the steady growth allowed the BTC/USD pair to rise well above the 100-hour moving average.
At the time of publication, the pair is trading above $46000, and now the pair needs to overcome the nearest resistance level of 46200 to go further. Next, the pair will face resistance around 46500 dollars. A strong break above the resistance level of 46500 could trigger a new rally. The next major resistance is around the 47200.
On the other hand, if, after reaching the mark of 46500, we see an activation of bears and a decline in the price of Bitcoin, then the price may drop to the area of 45600. Further, the bulls will try to protect the support level of 45250.