Bitcoin Faces Resistance Below $48K Following ETF Approval

Despite securing support above $45,000, Bitcoin struggled to breach the $48,000 resistance, even in the wake of the spot ETF approval. The cryptocurrency is currently facing challenges in surpassing the $47,800 and $48,000 resistance thresholds.

As of now, Bitcoin maintains its position above $45,600 and the 100-hourly Simple Moving Average. On the hourly chart of the BTC/USD pair sourced from Kraken, a significant breakout occurred from a contracting triangle with resistance around $46,550.

However, the bears remain vigilant, particularly around the crucial levels of $47,350 and $47,800. Despite a positive development with the SEC greenlighting all 11 spot ETFs, Bitcoin’s ascent was limited, forming a peak near $47,699 and exhibiting certain bearish signals.

Bitcoin Price Faces Ceiling Despite Positive Momentum

Following the news, Bitcoin did manage to climb beyond the $46,500 and $46,600 resistance levels. Nevertheless, the bears maintained their stance, resulting in a high at $47,699 and prompting the cryptocurrency to display indications of a potential decline.

A slight retracement below the $47,000 level occurred, with Bitcoin dipping beneath the 23.6% Fibonacci retracement level of the recent upswing from the $44,333 swing low to the $47,699 high. The situation suggests a cautious outlook, with the possibility of a fresh decline if the bears persist in defending the $48,000 resistance level.

Related: JPMorgan CEO Jamie Dimon Continues to Criticize Bitcoin

Presently, the price of Bitcoin is above $45,600 and the 100-hourly Simple Moving Average. Looking to the upside, immediate resistance can be identified around the $47,000 level, with the initial significant hurdle at $47,350. A decisive breakthrough above the $47,350 resistance may propel the price towards the $47,800 resistance. Subsequently, a new resistance is emerging around the $48,000 mark, and a close above this level could lead to further upward movement, encountering the next major resistance at $49,250.

Potential Downward Turn for Bitcoin: What Lies Ahead?

In the event that Bitcoin struggles to surpass the $47,350 resistance zone, a potential downward trajectory may unfold. Immediate support on the downside is situated near the $46,550 level. The subsequent major support level rests at $46,000 or the 50% Fibonacci retracement level derived from the recent upswing, extending from the $44,333 swing low to the $47,699 high. A breach below $46,000 could trigger bearish momentum, potentially prompting a descent towards the $45,150 support in the short term.

Analyzing the technical indicators, the hourly MACD is currently showing a slowdown in bullish momentum. Meanwhile, the hourly RSI (Relative Strength Index) for BTC/USD is above the 50 level.

Key Support Levels to monitor include $46,500, followed by $46,000, while notable Resistance Levels stand at $47,000, $47,350, and $47,800.