Bitcoin Price Starts Recovery Bitcoin price started a recovery wave above the $4…

Bitcoin Price Starts Recovery
Bitcoin price started a recovery wave above the $47,500 resistance zone. BTC bulls gained strength for a move above the $48,000 resistance zone.

The upward move was such that the price broke the Fib retracement level of the recent decline from the $48,762 swing high to $46,666 low. Besides, there was a break above a connecting bearish trend line with resistance near $48,200 on the hourly chart of the BTC/USD pair.

Bitcoin price is now trading above $48,500 and the 100 hourly simple moving average. It is testing the $49,250 resistance zone. It seems like the 1.236 Fib extension level of the recent decline from the $48,762 swing high to $46,666 low is acting as a resistance.

The next key resistance is near the $51,200 level, above which the price may possibly rise towards $52,000.