Since February, I’ve been eyeing a Bitcoin breakout above $46,000, and the market finally delivered this past weekend.
So with BTC trading above the key area on a daily and weekly closing basis, what’s next?
Today’s video discusses what I’m watching over the next few days and where Bitcoin could be headed in April.
Bitcoin finally broke through $46,000 this weekend. I’ve been eyeing it for the last couple of months as the more likely scenario.
I always felt that a move above 46,000 toward $53,000 was more likely than the $30,000 and $20,000 predictions flooding Twitter.
So now that BTC has reclaimed $46,000 and is making new 2022 highs, what’s next?
Bitcoin is coming into key resistance today, just below $48,000. There has been a significant volume in this area for the last 13 months, so it’s one to watch.
That aligns with support for the USDT.D (Tether dominance) chart, which moves inversely to Bitcoin.
If we see a pullback from BTC in the next few days, I’ll be keeping a close eye on the $45,000-$46,000 region to serve as new support.
That’s now a must hold area on a daily closing basis. As long as Bitcoin is above it on the daily time frame, I’ll remain bullish.
As mentioned above, immediate resistance for Bitcoin is just below $48,000. It will take a close above that area to flip it to support.
Resistance above $48,000 is $52,000-$53,000, and beyond that is $60,000.
Alternatively, a daily close back below $44,500 would be bearish for BTC as it would confirm this latest rally as a false break.