04 Apr 2022

Bitcoin struggling with breaking resistance level

Bitcoin continues to struggle with breaking through the potent resistance level at $47,500.
Source: Tradingview, Coinbase
Bitcoin is currently trading just below the $47,500 resistance level, which has been an important technical area since early 2021.Just like we anticipated last week, $45,000 has acted as a new support level for bitcoin, as the price has not fallen below this level during the previous seven days.If bitcoin fails to maintain prices above $45,000, the support levels around the $40-42,000 from the last two and a half months of consolidation are the next important support levels.Towards the upside, if the strong $47-48k resistance level is broken, $50,000 is the next key resistance level.Further towards the upside, $53,000 has previously proven to be an important technical level. Previous visits to this area have historically been followed by high volatility.
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