1-Day Analysis:
Big Picture: The bullish domination has returned as the price broke over the 43,800 barrier. This breakthrough was able to send prices virtually back to their recent highs. Meanwhile, if this trend continues, Bitcoin may potentially reach fresh 52-week highs as well as the 50,000 mark, which was last time achieved back in December 2021.
On the Upside the initial resistance level remains at 48,250. This is the 61.8% Fibonacci retracement level. Strength over this level propels the upside to further higher levels, initially to 48,800, then to the current highs, and potentially to the psychological milestone of 50,000. Nevertheless, above the psychological mark, price is to likely enter a hyper bullish phase
On the Downside there is initial minor support at 47,850 levels, while the stronger intraday supports range from 47,100 to 46,900 levels. This area has both horizontal and dynamic supports. Furthermore, if these supports hold, the fall is unlikely to go considerably lower; nevertheless, a breakdown below these supports could push the downside into the 46,100 and 45,450 levels as well.
