Bitcoin is currently trading around the $47,500 resistance level, which has been an important technical area since early 2021. After breaking out of consolidation towards the upside, $45,000 is most likely flipped to a support level.

Bitcoin is currently trading around the $47,500 resistance level, which has been an important technical area since early 2021. After breaking out of consolidation towards the upside, $45,000 is most likely flipped to a support level.

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 first 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.