On the last day of last year, the Bitcoin price tried to rise above $48000 and even peaked at $48589, but faced increasing bear pressure and crashed down. As a result, by the beginning of 2021, the price of Bitcoin dropped below $46000. On the first day of the new year, the bulls managed to bring the Bitcoin price back above $47000, but this was the end of their attempts to start rising. Today the BTC/USD pair is trading around 47200.
On the 4-hour chart, the BTC/USD pair continues to trade in a price range limited from the bottom around 45800 and from the top around 51700.
To start a new bullish rally, the bulls need to raise and hold the Bitcoin price above $48000. In this case, we can see a movement towards the area of 48500. Overcoming the area of 48000-48500 will activate the bulls and send the BTC/USD pair to the area of the key resistance $50000.
The inability of the bulls to lift the Bitcoin price above $48000 would mean the pair is moving around the 47000 level in the coming days. At the same time, the first support is at 46400. Further, the BTC/USD pair can consider the level of 46100 as strong support level.