3-Day Analysis:
Big Picture: Bitcoin finally returned to the Range-Top level after more than 20 months and went on to reach its highest levels since December 20th, 2021. Previous reports stated that despite the volatility, bulls were expected to maintain their momentum regardless of the prevailing obstacles. Moving forward, profit-taking at higher levels will be observed, while any provided dips will most likely be immediately seized by the bulls.
On the Upside as price began to hold above the 47,100 mark, a rapid advance into higher levels was observed. Bulls gathered enough power to not only tackle the 47,750 to 48,550 levels, but also broke through 48,550 to reach the 49,000 level. The advance, however, was completely unsustainable, as soon as the price reached higher levels, an immediate round of profit-taking began. For the session, 47,100 remains the key resistance, followed by the 47,750 to 48,550 zone and 49,200 as the next obstacle.
On the Downside after seeing major profit-taking at higher levels, the price took firm support from 45,500 to 45,200 levels. For the past few days, these supports have effectively held the price stable. Holding this zone will continue to provide encouraging rebounds; but, if it breaks, the decline may extend towards 44,500, followed by 44,200. This is the lower breakout zone, which could result in some strong reactions.
