In the weekly timeframe, BTC has hit three consecutive bullish candlesticks and is close to the fourth. After bouncing off the $ 29,000 horizontal support region on July 21, the price began to rise.
Bitcoin (BTC) reaches a critical resistance level formed by a confluence of Fib resistances between $ 46,800 and $ 47,800. Several short-term time frames are showing signs of weakening, suggesting that BTC is nearing a high.
Bitcoin price statistics and resistance
Currently, the BTC price is $ 46,204.43, up 0.17%. The coin has a market capitalization of $ 867,846,486,045 with a trading volume of $ 35,012,504,586 in the last 24 hours. The circulating, maximum and total offer is at the time of writing 18,782,756.00 BTC, 21,000,000 and 18,782,756 respectively.
BTC has been up since July 20 when it hit a low of $ 29,278 in the local market. It hit a higher low on August 5th and then resumed its uptrend.
It is approaching major resistance levels between $ 46,800 and $ 47,800. Getting back to that level would be a big sign that the uptrend is still strong. The MACD and the stochastic oscillator are both bullish, but the RSI is showing bearish divergence.
If Bitcoin breaks this important resistance, it could climb to around $ 50,550, the price level of the range.