Bitcoin’s price has undergone a consistent surge following the recent announcement of SEC ETF approval, reaching a crucial resistance region.

This price range includes the upper boundary of the ascending channel and the static resistance at $48K, presenting challenges in reclaiming this significant level.

Technical Analysis

By Shayan

The Daily Chart

A comprehensive analysis of the daily chart reveals a sustained uptrend in the price, approaching a substantial resistance zone. It is defined by the upper boundary of the ascending channel and the critical $48K threshold, forming a robust barrier for Bitcoin buyers. A successful breakthrough in this crucial area could initiate a profound uptrend, potentially achieving a new all-time high (ATH) for Bitcoin.

However, if sellers gain control, Bitcoin may enter a consolidation correction stage, with the price retracing towards the substantial support region. This support region includes the middle trendline of the channel, coinciding with the 100-day moving average at $38K, potentially halting further downward attempts.

The 4-Hour Chart

The 4-hour chart illustrates price consolidation within an ascending flag pattern, indicating a balance between sellers and buyers around this price range. However, the recent bullish sentiment stemming from the ETF approval news has led to a renewed uptrend, with the aim of breaching the upper boundary of the flag.

Currently, the price is experiencing heightened volatility as buyers and sellers engage in a struggle. A successful breakout could pave the way for a renewed and notable bullish movement.

However, considering the current market conditions, rejection is still possible, followed by retracement legs toward the substantial support at $38K, completing a necessary correction stage before the next impulsive move.

On-chain Analys