Throughout September, Bitcoin was trying unsuccessfully to find support above 47000. It even managed to rise above 47000 several times but the bears quickly seized the initiative and lowered the price.
However, this time Bitcoin was more fortunate. The Bitcoin price rose sharply and quickly above $47000 and broke the level of 48000. However, then the rate of growth slowed down. Bitcoin even tried to rise above $49000 but the bears did not allow it to do so and sent the Bitcoin price below $48000.
At the time of publication, the BTC/USD pair is trading around 47800. With its explosive gains, the BTC/USD pair climbed above the 100-hour moving average and secured strong support for itself above 47000. But it’s worth saying that the level of 48000 remains the closest resistance level for the BTC/USD pair. Above 48000, many sellers are trying to find a break-even level, thus reducing the bull’s influence. Further, the pair will face resistance around 48500. A breakdown of the 49000 mark will provide the BTC/USD pair with a quiet movement towards the area of 50000.
It should be noted that the level of 47500 is playing a very important role for the BTC/USD pair. If the bears drove the price of Bitcoin below this level, it could drop to the area of 47250. A break below this level could push the price towards the level of 46500.
In a conclusion, it should be said that now buyers have a significant influence, which means that the current rise in the price of Bitcoin seems to be quite predictable and controllable.