Bitcoin Rebounds After Pullback And Tests Resistance At $46,000

Bitcoin Gains Ground Ahead Of The Weekend

Bitcoin is currently trying to settle above the resistance level at $46,000 while crypto markets are moving higher.

Ethereum quickly gained upside momentum after the recent pullback and is trying to settle back above $3,250. RSI is still in the overbought territory despite the pullback, but there is enough room to develop additional upside momentum.

Dogecoin continues its attempts to settle above the resistance level at $0.2750. XRP managed to get back above $1.00 and is trying to settle above $1.04. In general, the crypto market mood is bullish, and altcoins look very strong as Bitcoin Dominance continues to decline and looks ready to breach the 45% level.

Technical Analysis

Bitcoin received support near $44,000 and moved back to the resistance at $46,000. RSI remains in the moderate territory, and there is enough room to develop additional upside momentum in case the right catalysts emerge.

If Bitcoin manages to settle above $46,000, it will continue its upside move and head towards the resistance level at $47,500. A move above $47,500 will open the way to the test of the resistance at $50,000. No important levels were formed between $47,500 and $50,000 so this move may be fast.

A successful test of the resistance level at $50,000 will push Bitcoin towards the next resistance at $51,500. It should be noted that a move above the psychologically important $50,000 level will likely attract more speculative traders. In case Bitcoin gets above $51,500, it will head towards the next resistance at $53,000.

On the support side, the nearest support level for Bitcoin is still located at $44,000. This support level has already been tested several times and proved its strength. In case Bitcoin declines below this level, it will head towards the next support which is located near the 20 EMA at $42,000. A move below this level will push Bitcoin towards the next support level at $41,300.

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