The deadline for approving the Bitcoin (BTC) Exchange-Traded Fund (ETF) is January 10. The BTC price began an upward movement yesterday.

Today, Bitcoin moved above $47,000 for the first time since March 2022. Can it continue to $50,000?

Bitcoin Moves Above $47,000

The weekly time frame chart shows that the BTC price has increased since the start of the year. The upward movement led to a high of $47,248 today.

The upward movement took the price above the 0.5 Fib retracement support level and close to the 0.618 one, coinciding with a horizontal resistance area.

This is the final resistance area before the all-time high.

Traders utilize the RSI as a momentum indicator to assess whether a market is overbought or oversold and whether to accumulate or sell an asset.

If the RSI reading is above 50 and the trend is upward, bulls still have an advantage, but if the reading is below 50, the opposite is t

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Author: Valdrin Tahiri

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